Russian state gas company Gazprom yesterday warned that European gas prices could rise by 60 per cent to more than $4,000 per 1,000 cubic metres this winter, Reuters reported.
According to the news site, the company's own export and production continues to fall amid Western sanctions.
Western media had reported that Russian gas flows to Europe are at a minimum level this year due to the western sanctions imposed on Moscow as a result of its war on Ukraine.
Gas prices hit $2,500 per 1,000 cubic metres, Reuters reported, expecting that prices will rise to $4,000 per 1,000 cubic metres this winter.
On 24 February, Russia launched a wide-scale offensive on Ukraine that prompted Western sanctions to pressure Moscow to stop its war.