Putin: Russian gas was sold to Europe at $150-180 per thousand cubic meters... and they considered it expensive

President of Russia Vladimir Putin confirmed that Russia supplied Europe with gas at a price ranging between $150 and $180 per thousand cubic meters, but Europeans considered this expensive.

Speaking to journalists late Friday evening, during his state visit to India to attend the BRICS summit, Putin said: "We were supplying the same gas to Europe at $150 to $180 per thousand cubic meters. They told us this was too high, and we should move to market-based pricing (based on supply and demand)."

Russian President predicted European gas prices on exchanges would rise to $1,500 per thousand cubic meters, commenting on the current situation in the European gas market: "They (Europeans) believe it is better today to draw gas from stockpiles purchased at lower prices. But tomorrow we will see what happens. This will lead to prices not reaching $1,000, but $1,500."

European gas prices surge

It should be noted that the conflict in the Middle East has led to a significant increase in European gas prices, with average prices rising by about 60% in March 2026 compared to February 2026, and prices exceeding $950 per thousand cubic meters for the first time since 2022 in September 2026.

In Thursday’s trading, European gas prices approached the level of $1,000 per thousand cubic meters, according to data from the London Stock Exchange.

Earlier, Kirill Dmitriev, the special envoy of the Russian president for investment and economic cooperation with foreign countries, pointed out that gas prices in the European Union are 12 times higher than in the United States and will continue to rise.

Also, Kremlin spokesperson Dmitry Peskov confirmed that European gas prices on exchanges have not yet reached their peak, and record highs will be broken again.

Source: RT