Vladimir Putin says Europe is responsible for soaring gas prices in response to hoarding accusations

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Putin said one of the factors influencing prices was the termination of “long-term contracts” in favor of the spot market

File image of Russian President Vladimir Putin. PA

“They made mistakes,” Putin said in a televised meeting with Russian energy officials.

He said one of the factors influencing prices was the termination of “long-term contracts” in favor of the spot market.

“It turned out, and today it is absolutely obvious, that this policy is wrong,” Putin said.

Gas prices in Europe and the UK jumped more than 25 percent on Wednesday, boosted by soaring demand before winter in the northern hemisphere.

Critics have accused Moscow of intentionally limiting gas supplies to Europe in an attempt to speed up the launch of Nord Stream 2, a controversial gas pipeline connecting Russia to Germany.

Earlier Wednesday, Putin’s spokesman Dmitry Peskov denied the claims.

“First and foremost, we don’t just think that we are insisting that Russia has and cannot have a role in what is happening in the European gas market,” Peskov told reporters. .

“Russia has fulfilled, fulfills and will continue to fulfill in a responsible manner all of its obligations under existing contracts,” Peskov said.

Russian energy giant Gazprom announced last month that the € 10 billion ($ 12 billion) pipeline has been completed and the Kremlinhas said its launch will help tackle the energy crisis in Europe.

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