European natural gas prices jumped 4% to 79 euros per megawatt-hour on Sept. 9, marking the highest level since late 2022. Kremlin spokesman Dmitry Peskov said the region is inflicting damage on itself by buying gas on the spot market for costs that exceed those of Russian supplies.

Russian officials claimed the Nord Stream pipeline could be brought back online instantly to alleviate the energy squeeze. The Kremlin stated that Europe is in a difficult situation and will not be able to replenish its gas storage before winter, adding that resuming Russian imports would lower expenses.

The price increase comes during a war involving Iran that has heightened volatility in energy markets. Europe's current reliance on the spot market has left the region vulnerable to price spikes, a shift in sourcing that the Kremlin argues has caused unnecessary financial pain.