Russia's Novak says government will soon discuss stopping gas exports to Europe

The Russian government will meet soon to discuss stopping gas exports to Europe, Deputy Prime Minister Alexander Novak said on Thursday.

President Vladimir Putin said on Wednesday that Russia could halt supplies right now amid a spike in energy prices triggered by the Iran crisis. He linked the possible decision - which he said had not been taken yet - to the European Union's desire to ban purchases of Russian gas and liquefied natural gas.

"We will meet soon, as instructed by the President, to discuss the current situation with energy companies and possible transport routes for our energy supplies," Novak, who is Putin's point man on energy issues, told reporters.

"We will discuss this with our energy companies soon and see how to deploy Russian resources most profitably."

Russian gas sales to Europe have fallen sharply since 2022 because of sanctions related to the war in Ukraine.

However, it is the second-largest supplier of liquefied natural gas (LNG) to the European Union, and also sells gas via the Black Sea TurkStream pipeline to countries including Hungary, Slovakia and Serbia.

Novak said Russian gas accounted for more than 12% of European supply.

-Reporting by Vladimir Soldatkin, writing by Mark Trevelyan; editing by Guy Faulconbridge/Reuters