MOSCOW (Dispatches) - Russian President Vladimir Putin said Tuesday that Europe is hurting its own industry and social sphere by rejecting Russian energy.
Speaking at the 8th summit of the Gas Exporting Countries Forum (GECF) in Moscow, Putin said any attempt to exclude Russia from global gas market participants has serious consequences.
“Above all rising, exorbitant costs for foreign end consumers of gas: companies, enterprises, households,” Putin warned. “This is exactly what we see now in Europe, which itself is striking a blow at its industry and social sphere by abandoning Russian energy resources and breaking long-term contracts.”
Putin cited a Russian proverb to describe the situation in European Union countries: “Don’t dig a pit for another, or you will fall into it yourself.”
Putin said the global gas industry is in a state of “uncertainty” due to the war against Iran, which disrupted usual logistics chains and supply routes, and what he called direct terrorist acts against Russian gas pipelines to Europe, which were blown up.
He also said some countries have put up barriers to purchases of specialized equipment and technology.
“Prices have risen sharply, but we understand that they can roll back just as sharply to the previous level,” he said, adding that many investment plans have been put on hold, postponed, or canceled, increasing the risk of long-term market imbalance.
Putin said the main problem now is the disruption of gas supplies, with large volumes dropping out of the market while demand remains.
He said global demand is expected to reach 5.5 trillion cubic meters a year by the middle of the century, with international supplies rising about one-and-a-half times to 1.7 trillion cubic meters.
Russia ranks first in the world in natural gas reserves and second in production, Putin said, adding that it intends to remain a responsible supplier.
He invited the summit’s delegates to return to Moscow next year for the 10th Russian  Energy Week.