Russia may be better off stopping gas supplies to Europe right now, moving to other markets without waiting for a full ban to take effect, President Vladimir Putin said.

He believes the current situation on European energy markets is the result of misguided policy — "abuse of the green agenda" and the use of energy as a tool for domestic political and party goals. According to Putin, prices for both oil and gas have risen due to restrictions on Russian oil and "aggression against Iran."

"The main gas suppliers have not reduced their volumes — the US, Norway, Algeria and Russia partially. No one has cut supplies, yet prices have already jumped to $700 per thousand cubic meters. Why? Because of the general situation on world markets, including oil markets," Putin said, noting that buyers willing to pay premium prices have emerged due to events in the Middle East and the closure of the Strait of Hormuz. "If such premium buyers appear, then even from the European market, I think — I'm even certain — some traditional suppliers, such as American companies, will naturally go where the pay is higher. Just business, no political undertone."

"Other markets are now opening up. And perhaps it is more profitable for us to stop supplies to the European market right now, move to those opening markets and establish ourselves there," Putin said, stressing this was not yet a decision but rather "thinking out loud," adding that he would instruct the government to work through the issue with Russian companies.

Putin made these remarks after meeting with Hungarian Foreign Minister Péter Szijjártó, who had sought guarantees of Russian energy deliveries to his country. Putin noted that Russia remains a reliable energy supplier for partners including European ones — particularly for those who are themselves reliable counterparts, such as Hungary and Slovakia.