Russian Deputy Prime Minister Alexander Novak said on the 5th that the government will soon convene a meeting to discuss a plan to halt gas exports to Europe.
According to Reuters, Novak told reporters that day, "We will also promptly discuss with energy corporations ways to use Russian resources most efficiently," noting the plan.
Russia's move coincides with a surge in energy prices as the Middle East conflict has widened following recent U.S. and Israeli attacks on Iran. It is seen as a bid to pressure Europe by exploiting turmoil in the energy market.
Russian President Vladimir Putin also said the previous day that the attack on Iran and Western sanctions on Russian oil are fueling the rise in oil prices, adding, "Now other markets are opening." After the European Union (EU) recently passed a bill to completely ban imports of Russian gas by the end of 2027, Putin suggested it could be advantageous to halt supplies to Europe and move into new markets.
Russia holds the world's largest natural gas reserves and is the No. 2 oil exporter, but since its 2022 invasion of Ukraine, Europe has continued to reduce its dependence on Russian energy.