As EU gas prices rise, Putin calls for market stability.

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As EU gas prices rise, Putin calls for market stability.

President Vladimir Putin appealed for market stability on Wednesday, as European critics blame Moscow for record price hikes ahead of the winter season.

Putin said it was “extremely vital” to “propose a long-term method to stabilize the energy market” amid a “challenging scenario” at an energy event in Moscow.

Due to a frigid conclusion to last winter, Europe is facing a gas crisis leading up to the coldest season of the year, with a spike in prices and diminishing inventories.

Demand is increasing as countries recover from pandemic lockdowns, while renewable energy providers, such as wind, are experiencing shortfalls.

Some in Europe are blaming Russia for the rise in gas prices, claiming that Moscow is deliberately limiting supplies in order to compel Europe into signing more long-term contracts and approving the contentious Nord Stream 2 pipeline.

However, Putin blamed “structural faults” in the European energy market on Wednesday and dismissed criticism, saying that “some want to pass their mistakes on to others.”

Russian officials have stated several times in recent weeks that suppliers are meeting their contractual obligations to European buyers.

Moscow is not increasing supplies accessible on the EU-favored short-term spot markets, claiming that it is more competitive.

Russia’s energy minister indicated earlier this week that greater supply to Europe will necessitate new contracts.

“If there are requests, they will only be met through the introduction of new contractual duties,” Nikolai Shulginov said, calling Russia a “reliable supplier.”

Putin stated on Wednesday that Russia is “ready” to increase gas exports, claiming that supplies are being increased “to the extent that our partners request.”

Russia, which supplies more than a third of Europe’s gas, has stated that a quick start of its Nord Stream 2 project will assist to mitigate price increases.

The Baltic Sea pipeline, which has been criticized as a geopolitical weapon by certain Western countries, is expected to treble natural gas supplies from Russia to Germany.

However, detractors claim that the pipeline, which was recently completed, will deprive Ukraine, a crucial EU ally, of transit revenues.

Volodymyr Zelensky, the president of Ukraine, called on Europe to adopt a “shared long-term vision of Europe’s energy security” this week.

In addition, Moscow has not reserved additional gas transit capacity via Ukraine to Europe for the month of October, causing anxiety.

Russia denies pressing customers, claiming that it needs to replenish its own winter stocks before shipping supplies to Europe.

However, gas from Europe and the United Kingdom. The Washington Newsday Brief News is a daily newspaper published in Washington, D.C.

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