MOSCOW — Kremlin spokesman Dmitry Peskov blamed the Iran war for soaring European natural gas prices, seizing on the continent's energy strain to argue that Russian supplies could lower costs and restore Moscow's influence over European energy policy.
European gas prices have reached their highest levels since late 2022, driven by supply disruptions tied to geopolitical turmoil. Peskov claimed Europe compounds the problem by buying expensive spot-market gas instead of securing cheaper long-term Russian contracts—a pitch that echoes Moscow's push to regain leverage it lost after invading Ukraine in 2022.
European leaders have deliberately reduced dependence on Russian gas since the invasion, investing heavily in liquefied natural gas infrastructure and renewable energy. The European Union maintains sanctions limiting Russia's direct gas sales to member states. That political stance carries economic costs: industrial output has suffered, consumer energy bills have risen, and household budgets face strain across the continent.
But the shift to LNG and other non-Russian sources often costs more and creates logistical headaches. The current geopolitical upheaval, compounded by Middle East tensions, has further complicated Europe's energy security calculus—forcing policymakers to weigh political independence from Russia against short-term economic pain.
EU energy ministers will meet next month in Brussels to discuss winter preparedness and long-term energy security, seeking unified approaches to stabilize markets and ward off future supply shocks.
