Putin warns against excluding Russia from gas market, hints at Arctic deal with US

Russian President Vladimir Putin cautioned on Tuesday that Western efforts to isolate Russia from the global natural gas market will have severe repercussions for European consumers. Speaking at the Gas Exporting Countries Forum in Moscow, Putin emphasized that any attempts to exclude Russia from the global gas market or limit the development of its industry could lead to skyrocketing costs for foreign gas purchasers, including businesses, companies and households.

Putin highlighted that Europeans are already grappling with elevated energy expenses as the EU aims to phase out Russian natural gas imports by next fall in an effort to diminish funding for the Kremlin's war against Ukraine. He added, "We have a saying in Russia: 'Don't dig a hole for someone else or you'll fall into it yourself.' This is precisely what happened in EU countries."

In 2021, Russia accounted for 45% of EU gas imports, which had declined to 19% by 2025, although seaborne liquefied natural gas (LNG) shipments helped mitigate the loss of pipeline deliveries. Russian Deputy Prime Minister Alexander Novak disclosed at the forum that Moscow had provided $320.7 billion in energy resources to the EU since 2022, with $21.3 billion delivered in the first nine months of 2026 alone.

During the forum in Moscow, Putin also announced Russia's interest in exploring potential energy collaborations with U.S. companies in the Arctic, confirming earlier reports about his discussions with White House special envoy Steve Witkoff. "Until recently, European partners worked alongside us in our fields, and Chinese partners are still working there. Now, we're exploring the possibility of joint work with American partners," he said.

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