Putin warns excluding Russia from global gas market will raise consumer costs, says Moscow is exploring U.S. Arctic projects

Russian President Vladimir Putin warned Tuesday that attempts to push Russia out of the global natural gas market would bring “serious consequences” and higher costs for consumers, while saying Moscow was exploring potential energy cooperation with the United States in the Arctic.

Speaking at the eighth Gas Exporting Countries Forum summit in Moscow, Putin said efforts to restrict Russian gas supplies would ultimately hurt importing countries.

“Any attempts to exclude Russia from the global gas market will have serious consequences, above all, exorbitant costs for consumers,” he said.

Putin singled out the European Union, arguing that its decision to phase out Russian energy supplies and terminate long-term contracts was damaging European industry and social spending.

“In Russia, we have a saying: ‘Don’t dig a pit for someone else, or you might fall into it yourself,’” Putin said. “In my view, that is exactly what has happened today in the countries of the European Union.”

The EU has formally adopted a phased ban on Russian pipeline gas and LNG as part of its effort to end energy dependence on Moscow following Russia’s invasion of Ukraine. Russian gas nevertheless still accounts for about 12% of EU gas demand in 2026, with some long-term contracts remaining in force during the transition.

Putin also said Russia was examining possible cooperation with American partners in Arctic gas projects. He offered no details on companies or specific ventures involved.

The statement follows a broader thaw in some U.S.-Russia energy contacts. Putin’s investment envoy Kirill Dmitriev said earlier this month that the two sides were discussing Arctic, LNG and other energy projects, while recent Russian diesel shipments to the United States have also revived commercial energy ties.