MOSCOW, March 6. /TASS/. A global supply deficit has pushed EU gas prices up 70%, increasing costs for consumers and affecting petrochemical and fertilizer production, Russian Deputy Prime Minister Alexander Novak told reporters.

"Today, a serious shortage is developing on the global market. Due to the shortage, prices in Europe have surged by 70%, while in the Asia-Pacific region, gas prices have almost doubled. The next round of restrictions on gas supplies from Russia will take effect on April 25. This will definitely have a very negative impact on European consumers, on gas prices in Europe, and on the European population. People will simply pay more," he said on the Zvezda TV channel.

"The gas shortage that is developing in the market as a whole will have a particular impact on Europe. This will also affect other sectors of the petrochemical and fertilizer industries," the Deputy Prime Minister added.

Earlier, Novak stated that Russian companies would soon redirect some LNG supplies from Europe to friendly countries, including China, India, Thailand, and the Philippines, without waiting for further restrictions from the European Union. Russian authorities made this decision at a meeting with oil and gas companies, in accordance with President Vladimir Putin's instructions.

Earlier, Russian President Vladimir Putin stated that, given the European Union's intention to completely abandon Russian gas, Russia could initiate an early exit from the European market and redirect supplies to other, more interested buyers.

In late of January, the EU Council finally approved a ban on imports of Russian LNG from January 1, 2027, and pipeline gas from September 30, 2027. However, the restrictions will be introduced earlier. LNG imports under short-term contracts will be banned starting April 25, 2026, and short-term pipeline gas supply contracts must be completed by June 17, 2026.

LNG supplies from Russia to the EU in 2025 decreased by 5.6% to 20.3 billion cubic meters. Overall, Russia ranked fourth in gas supplies to the EU in 2025, after Norway, the United States, and Algeria, with 38 billion cubic meters. In January-February, Russian LNG supplies to the EU increased by 11% to reach 4.5 billion cubic meters.