MOSCOW, March 5. /TASS/. Gas prices on European exchanges rose by more than 10% at the opening of trading and exceeded $650 per 1,000 cubic meters, according to data from the London-based ICE exchange.
Earlier, Russian President Vladimir Putin said that, given the European Union’s intention to fully abandon Russian gas, Russia could itself initiate an early withdrawal from the European market and redirect supplies to more attractive buyers. According to TASS calculations, in 2025 Russia ranked second after the United States in terms of the value of the European Union’s LNG imports with a 16.1% share (16.2% of the total value of LNG and pipeline gas purchases), as well as 14% by supply volumes (12.1% of total gas supplies).
The price of the April futures contract at the TTF hub in the Netherlands rose to about $655 per 1,000 cubic meters, or 54.615 euro per MWh (based on the current euro-to-dollar exchange rate; prices on ICE are quoted in euro per MWh).
On January 26, the Council of the European Union finally approved a complete ban on supplies of Russian LNG to the EU starting January 1, 2027, and on pipeline gas starting September 30, 2027. At the same time, the ban on LNG imports under short-term contracts will take effect as early as April 25, 2026, while short-term contracts for pipeline gas supplies must be completed by June 17, 2026. The regulation entered into force upon publication on February 2, 2026.
The overall rise in gas prices in recent days has been driven primarily by the suspension of LNG production by Qatar’s state oil and gas company Qatar Energy following Iranian air strikes. The company later declared force majeure on LNG deliveries, while Reuters, citing sources, reported that Qatar would need at least a month to return to previous production volumes. Qatar is the third-largest LNG exporter in the world, after the United States and Australia, with production capacity of 77 mln tons per year.
In addition, Iran’s navy has taken full control of the Strait of Hormuz, through which more than 20% of global oil and LNG supplies pass. According to Mohammad Akbarzadeh, a representative of the naval forces of the Islamic Revolutionary Guard Corps (IRGC) — the elite units of Iran’s armed forces — about 10 oil tankers attempting to pass through the strait have already been hit by missiles and drones. According to Financial Times estimates, at least seven tankers were struck.