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Russian President Vladimir Putin said his country will consider ending most sales of natural gas to Europe in favor of more promising alternative markets.

The European Union plans a gradual ban on imports of both Russian pipeline gas and liquefied natural gas by late 2027. In this light, the Russian leader said he would instruct his government to assess redirecting supplies away from the bloc so that officials could work on the issue with companies.

“Other markets are opening now,” Putin said on state television on Wednesday. “Maybe it’s better for us to end supplies to the European market right now? To go to those markets that are opening now and get a foothold there.”

European gas prices spiked to a three-year high this week amid the widening conflict in the Middle East, though they pared some losses today after the US said it plans to protect navigation in the Strait of Hormuz.

By diverting most of its gas away from Europe and toward alternative markets, Russia would only be following example of some other suppliers, Putin said.

“Some clients emerged that are ready to buy that same natural gas at higher prices,” diverting volumes away from Europe, he said. “American companies, of course, will go somewhere where they are better paid.”

While flows of Russian fuel to Europe have dropped since the 2022 invasion of Ukraine, Russia continues to supply pipeline gas to a few European markets, including Serbia, Hungary and Slovakia. The country also delivers some fuel from the Novatek-led Yamal LNG plant.

Russian gas still accounted for an estimated 13% of EU imports in 2025, worth over €15 billion ($17.4 billion) annually, according to the Council of the EU.

The Russian leader, who met with Hungarian Foreign Minister Peter Szijjarto in the Kremlin Wednesday, stressed that his country still wanted to deliver energy to what he called reliable partners such as Slovakia and Hungary.