Russian Deputy Prime Minister Alexander Novak said on Thursday that the government will soon hold a meeting to discuss the possibility of halting gas exports to Europe amid rising tensions in global energy markets.

Novak’s remarks came a day after President Vladimir Putin stated that Russia could immediately stop gas supplies if necessary, as energy prices surge due to the ongoing Iranian crisis.

Putin indicated that no final decision has been made, but linked the potential move to the European Union’s plans to impose a ban on purchases of Russian gas and liquefied natural gas.

Novak told reporters that the upcoming meeting will bring together government officials and Russian energy companies to review the current situation in energy markets and explore possible ways to redirect Russian energy supplies.

He added that discussions will also focus on how to utilize Russia’s energy resources in the most profitable way.

Russian gas sales to Europe have declined sharply since 2022 following Western sanctions related to the war in Ukraine.