In this group photo distributed by Russian state agency Sputnik, Russian President Vladimir Putin attends a meeting of the State Council of the Collective Security Treaty Organization (CSTO) at the Yntymak Ordo (Unity Palace) presidential residence in Bishkek on November 27, 2025.
Alexander Kazakov | AFP | fake images
The EU must not abandon plans to get rid of Russian oil and gas, European Commission President Ursula von der Leyen has said, as the war in Iran causes a painful supply crisis.
But Moscow is threatening to close the door early, as the continent continues to reduce its supplies.
The EU has reduced Russian energy imports since its invasion of Ukraine in 2022 and is planning a complete ban on all Russian energy imports. But the war between the United States and Israel against Iran has sent international markets into a tailspin, limiting oil and gas supplies and sending prices soaring.
Oil prices in the last five days.
Europe is particularly vulnerable to an energy shock, and more Moscow-friendly European states, such as Hungary, have called for a lifting of EU sanctions on Russian energy imports to ease the supply crisis.
Von der Leyen said on Wednesday it would be a “strategic mistake” for the EU to abandon its strategy.
“In the current crisis, some argue that we should abandon our long-term strategy and even return to Russian fossil fuels,” von der Leyen said in a speech at the European Parliament.
He said the EU was preparing other options to reduce energy prices for its 27 constituent states, including state aid measures, power purchase agreements and subsidies or caps on energy prices.
As prices soar, G7 energy ministers met in Paris to discuss the possible release of emergency oil reserves held by the International Energy Agency. A decision is scheduled to be made later Wednesday.
Russia seeks to harm Europe
Von der Leyen spoke after Russian President Vladimir Putin already said his government “may decide not to wait for Europe to completely reject its oil and gas.”
Seeing an opportunity to tighten the screws on Europe, Putin said on Monday: “The government has already set itself the task of assessing the possibility and feasibility of stopping our fuel supplies to the European market, without waiting for the door to be demonstratively closed in front of us.”
“The task is to do it now and redirect these volumes from the European markets to more promising areas and, most importantly, gain a foothold there,” he added, in statements reported by the state news agency TASS.
Russian President Vladimir Putin chairs a meeting with members of the government via video link in Moscow, Russia, March 4, 2026.
Gavriil Grigorov | Via Reuters
The EU has sought to dramatically reduce its dependence on Russian energy, with imports falling to around 13% for both liquefied natural gas (LNG) and pipeline gas, and less than 3% for oil, down from 45% and 27%, respectively, in 2021, the European Council notes.
But all Russian LNG exports from its Yamal Arctic facilities went to EU countries in February.
In January, the European Council adopted a regulation to ban imports of LNG and pipeline gas from Russia from March 18, with transition periods for existing contracts. By the end of 2027, all Russian gas imports will be banned, he said.
On Tuesday, Russian Deputy Prime Minister Alexander Novak said the country’s companies will redirect some of the LNG currently supplied to European countries to other markets, without waiting for the EU import ban to take effect, according to Interfax.
His comments came after Putin called on the government and companies to consider stopping gas supplies to the European market without waiting for an import ban.
“Some other markets are opening up and it might be more advantageous for us to stop shipments to the European market right now and go to the markets that are opening up and gain a foothold there,” the Russian president said on March 4.
He added: “If they close to us in a month or two, we better stop (supplies) right now and go to countries that are reliable partners and gain a foothold there.”
The Kremlin did not immediately respond to a request for comment from CNBC.
With a ban on Russian gas imports just around the corner, the Iran war and concurrent limits on global oil and gas exports from the Middle East are a terrible time for the EU, which has already struggled to reach a consensus on banning cheap Russian energy.
Russia-friendly states Hungary and Slovakia have rejected efforts to ban Russian supplies and have continued to import Russian oil through the Druzhba pipeline and gas through associated transit lines through Ukraine. However, the Druzhba pipeline is out of service after being damaged during the war.
In late February, Hungary accused Ukraine of deliberately keeping the pipeline closed and effectively imposing an oil “blockade” on the country. Ukraine said the pipeline had been closed due to Russian attacks.
