Russian President Vladimir Putin stated in a media interview on March 4 that current increases in oil and gas prices result from a combination of restrictions on Russian energy and aggression by the United States and Israel against Iran, among other factors. He noted that the European Union is planning a comprehensive ban on imports of Russian pipeline gas and liquefied natural gas.

Putin suggested that since the EU will eventually prohibit Russian gas imports, Russia might proactively cut off gas supplies to Europe, redirecting exports to emerging markets instead.

Earlier reports indicated that on January 26, the 27 member states of the EU formally adopted regulations to phase out imports of Russian pipeline gas and LNG. Under these rules, a full ban on pipeline gas will take effect six weeks after the regulations come into force, with existing contracts subject to a transition period. A complete ban on LNG imports from Russia is scheduled to begin in early 2027, while the pipeline gas ban will take effect in the autumn of the same year.

Putin emphasized that Russia has always been and remains a reliable energy supplier to all its partners, including those in Europe. He affirmed that Russia will continue cooperating with dependable partners such as Slovakia and Hungary in Eastern Europe, supplying them with oil and gas as long as their governments maintain current policies and remain reliable partners.

In contrast to Putin's recent remarks, Norway’s Energy Minister Terje Aasland commented on March 3 at a conference in Oslo that while the EU has clearly expressed its intention to reduce dependence on Russian oil and gas, recent developments over the past few days have complicated the situation. Given the current geopolitical climate, he expects related discussions to resume.