Putin Warns Europe Gas Prices May Soar to $1,500 Ahead of Winter

Russian President Vladimir Putin has issued a warning to Europe regarding natural gas prices. Speaking in New Delhi, where he was attending the BRICS summit, Putin stated that European gas prices could surge ahead of winter.

The current price stands at about $1,000 or 1,000 euros per 1,000 cubic meters, but Putin warned that it could climb to as much as $1,500. He attributed this potential increase to the shift from a fixed-price system to market-based pricing, which Russia accepted after European demands.

Euroean natural gas prices have indeed been rising sharply, breaking above 80 euros per megawatt-hour for the first time in more than three years. Analysts say Putin's remarks will add to inflationary pressure and anxiety in the European economy.