Russia promises to boost gas supplies to Europe

MOSCOW (AP) — Russia has the potential to boost natural gas supplies to Europe, where surging gas prices have ramped up pressure on consumers, the Kremlin said Thursday.

Kremlin spokesman Dmitry Peskov said existing gas transit routes allow for bolstering supplies before the new Nord Stream 2 pipeline that is intended to bring Russian gas to Germany begins operating.

“There is a potential,” Peskov said during a conference call with reporters. “It all depends on demand, contractual obligations and commercial agreements.”

Europe’s soaring gas prices dropped Thursday, a day after Russian President Vladimir Putin suggested his country could sell more gas to European spot buyers via its domestic market in addition to through existing long-term contracts.

Russian Deputy Prime Minister Alexander Novak said Wednesday that getting Nord Stream 2 launched would quickly stabilize European energy markets, a statement seen by some in Europe as an attempt to prod regulators into moving fast to certify the new pipeline.

Asked about Novak's comment, Peskov replied that Russia could boost supplies along existing routes.

Speaking during Wednesday's government meeting on energy issues, Putin said that rapidly growing demand amid the global economic recovery from the pandemic has driven Europe's rising gas prices. A cold winter and less power generation by alternative sources also were factors, he said.

But the Russian leader said the European Union's efforts to switch from long-term supply contracts to spot trading in gas played a key role.

“I would like to underline that the situation in the European energy markets is a bright example of the inadmissibility of hasty and politically motivated moves in any sphere, particularly in energy issues that determine stability of industries and...