Putin: Any Attempt to Exclude Russian Gas From Market Will Have Serious Consequences

Russian President Vladimir Putin said that any attempt to exclude Russian gas from the global market will have serious consequences. According to him, Russia is a major player in the global gas market and has the largest reserves of natural gas.

Putin noted that the global gas industry is currently experiencing turbulence, although gas prices may fall as sharply as they rose. According to him, the main problem on the market is supply disruption.

"Today the main problem is disruption in gas supplies: in a short time, significant volumes of supply have been lost to the market, while demand still exists," Putin said.

According to the Russian president, Europe is itself striking its own industry and social sphere by refusing Russian gas.

"This is exactly what we are now seeing in Europe, which, by refusing Russian energy resources and terminating long-term contracts, is itself striking its own industry and social sphere," Putin said.