The Russian government, along with domestic energy companies, is examining whether or not to immediately withdraw from the European market, Russian President Vladimir Putin said in a statement to Rossiya 1 television on Wednesday evening.

Putin appears to be reacting to the indication from Brussels that Russian energy may, after all, be needed in the short term, due to the war in Iran and closure of the Strait of Hormuz. However, Putin may just decide to pull the plug now and start transitioning to other countries and regions that are not threatening a ban, reports Hirado.

“They (…) plan to introduce restrictions on the purchase of Russian gas, including liquefied gas, starting in a month, (March) 25. A year later, in (20)27, further restrictions will come into effect, up to a complete ban. Now other markets are opening up. And perhaps it would be more beneficial for us to stop deliveries to the European market now. To move to those markets that are opening up and gain a foothold there,” he said. The move comes at time when gas prices are surging across Europe, leaving the EU vulnerable to a further supply shock.

Putin made clear that no decision has been made in the case. “We will see what will happen in this area,” he said, “but this is a very dangerous game, especially today.” 

“According to the data available to our services, just as they once blew up the Nord Streams, now in Kyiv, with the support of some Western services, they are preparing to blow up the Blue Stream and the Turkish Stream. We have informed our Turkish friends about this matter,” he said.

The Russian president also called the attack on a Russian gas tanker in the Mediterranean Sea an act of terrorism.

Putin additionally called Russia a reliable supplier, explaining that the increase in European gas prices is not directly related to supplies, because they have not decreased overall, but rather the result of the general situation on the world market.