Putin agrees to "carefully" increase gas supplies amid price hike

Russian President Vladimir Putin attends a meeting on the development of the energy industry via video link on Oct. 6, 2021. (Kremlin photo)

"Let's think about a possible increase in supplies on the market, but we need to do it carefully," Putin said.

The current hike in gas prices is not beneficial for Russia, and the country could increase gas supplies on the market in a cautious way, President Vladimir Putin said Wednesday.

"We do not need such speculative excitement," Putin said at a meeting on Russia's energy development, after gas prices in Europe surged to a record high earlier in the day.

The high prices do not meet Russia's interests and the market needs to be stabilized as soon as possible, Deputy Prime Minister Alexander Novak said at the meeting.

The former energy minister proposed two options that Russia could help overcome the energy crisis in Europe -- speedily launching the Nord Stream 2 pipeline between Russia and Germany or supplying additional volumes of gas for trading through the St. Petersburg Stock Exchange.

Putin voiced readiness to explore measures to cool down the market in a way that will not hurt Russia.

"Let's think about a possible increase in supplies on the market, but we need to do it carefully," he said.

He urged Russia's gas industry giant Gazprom to fully comply with contractual obligations of delivering gas through the transmission system of Ukraine, which is not as profitable as bypassing Ukraine though, so that no one will be put in a difficult position and Gazprom maintains its credibility as a reliable supplier.