Finance
Putin suggests Russia could stop supplying gas to European markets now
Published by Global Banking & Finance Review®
Posted on March 4, 2026
2 min readLast updated: March 4, 2026
Quick Summary
On March 4, 2026, President Putin mused that Russia might halt gas exports to Europe and focus on “more promising markets,” framing it as informal “thinking out loud” rather than a firm policy; he said he’d direct the government and energy firms to explore the idea.
Putin suggests Russia could stop supplying gas to European markets now
Russia's Energy Strategy and European Market Dynamics
Putin's Remarks on Gas Supplies
MOSCOW, March 4 (Reuters) - Russian President Vladimir Putin suggested on Wednesday that Russia could stop supplying gas to European markets now and move to more promising markets.
European Commission's Response
The European Commission will submit a legal proposal to permanently ban Russian oil imports on April 15, three days after Hungary's parliamentary election, according to EU officials and a document seen by Reuters.
Putin's Comments on Alternative Markets
"And now other markets are opening up. And perhaps it would be more profitable for us to stop supplying the European market right now. To move into those markets that are opening up and establish ourselves there," Putin told Russian state TV reporter Pavel Zarubin.
Government Involvement and Future Plans
"But this is not a decision, it is, in this case, what is called thinking out loud. I will definitely instruct the government to work on this issue together with our companies."
Russia's Commitment to Reliable Partners
Putin reiterated that Russia has always been a reliable energy supplier and will continue to work in this manner with those partners who are themselves reliable, such as Slovakia and Hungary.
Reporting and Editorial Credits
(Reporting by Reuters; Editing by Sharon Singleton/Guy Faulconbridge )
Key Takeaways
- •Putin floated ending gas supplies to Europe amid shifting global demand, calling it preliminary and not yet a decision.
- •Europe has significantly reduced reliance on Russian gas—from 45% in 2021 to around 13% by early 2026—and is legally phasing out remaining imports by 2026–27 under REPowerEU (sergeytereshkin.com).
- •Russia’s pivot could target growing Asian and Middle Eastern gas markets, especially as LNG infrastructure expands and global prices fluctuate (iea.org)
References
Frequently Asked Questions about Putin suggests Russia could stop supplying gas to European markets now
1What did President Putin suggest about Russian gas supplies to Europe?
Putin suggested that Russia could stop supplying gas to European markets and focus on more promising markets, though it was not a formal decision.
2Is Russia making an immediate decision to halt gas to Europe?
No, Putin clarified that his statement was thinking out loud and not a formal decision.
3What did Putin say about the government's next steps on this issue?
Putin indicated he would instruct the government to work on the issue with Russian companies.
4Who reported on Putin's comments regarding gas supplies?
The comments were reported by Reuters and edited by Sharon Singleton.