Russian President Vladimir Putin said March 9 that Russia is increasing oil and natural gas supplies to “reliable partners,” during a government meeting called to discuss global oil and gas markets.

Putin referred to buyers in the Asia-Pacific region, Slovakia and Hungary as reliable, according to a transcript posted on the Kremlin website, and said that Russia is willing to work with other European buyers if they provide long-term sustainable cooperation, free from political pressure.

“But we need some signals from them that they are ready and willing to work with us and will ensure this stability and resilience,” Putin said.

Since Russia invaded Ukraine in 2022, the EU has substantially curtailed its reliance on Russian fuel, and plans to fully phase out Russian oil and gas imports by the end of 2027.

Russia is now aiming to capitalize on supply concerns as a result of the conflict in the Middle East, where energy infrastructure and supply routes have been attacked.

“In the current economic situation, if we refocus now on those markets that need increased supplies, we can gain a foothold there,” Putin said. “That is, where there is stable long-term demand….”

Russian oil and gas producers are benefiting from price spikes over the past week.

Platts, part of S&P Global Energy, assessed Dated Brent crude at $102.84/barrel on March 9, up $32/b since Feb. 27, the day before the conflict began.

Putin said that current high commodity prices are temporary, and the shift in the balance of hydrocarbon supply and demand will lead to a new, stable pricing reality.

Gas prices have risen sharply since the conflict began. Platts assessed the Dutch TTF month-ahead gas price at Eur56.095/mega-watt hour (MWh) on March 9, up from Eur31.40/MWh on Feb. 27.
Putin said that it will take weeks, if not months, to restore gas production capacity in the region.

“It is impossible to quickly compensate for the lost volumes,” he said. “As a result, global gas prices are also rising, in my opinion, even faster than oil prices.”

Russian Deputy Prime Minister Alexander Novak said March 6 that the country’s LNG exporters would redirect some previously Europe-bound cargoes to Asia, Russian news agency Tass reported.

This followed comments from Putin on March 5 that Russia could end supplies of gas to Europe before the import bans come into force, and could cut supplies “right now.”

Russia was the EU’s second-largest LNG supplier in 2025, shipping about 14.7 million mt, or some 13.9%, of its LNG imports, according to data from S&P Global Energy CERA.

Russia also supplied about 10% of the roughly 169.2 billion cubic meters of pipeline gas imported into Europe in 2025, CERA data showed.
Source: Platts