Kremlin spokesman Dmitry Peskov urged European nations to resume importing Russian natural gas as geopolitical tensions surrounding Iran drive prices higher and winter approaches. He said Russian gas could have been a cheaper option than purchases on the spot market, calling Europe’s policy choices a self-inflicted outcome. Peskov also said one intact line of the Nord Stream 2 subsea pipeline could be restarted within a short period, suggesting political decisions rather than technical barriers are blocking renewed supply. Europe’s benchmark natural gas price reached €75, or approximately $87, per megawatt-hour last week, more than double its level a year earlier and the highest since late 2022. Dutch TTF futures rose above €80, or approximately $93, per megawatt-hour this week for the first time since 2023, while UK gas futures exceeded 200 pence per therm, also reaching levels unseen since 2022. Storage has fallen to between roughly 67% and 65.6% of capacity, with the latter reported by the Financial Times as the lowest level in 15 years. HSBC forecasts storage at 73% by November 1, which would still be the weakest seasonal level since data collection began in 2009. Peskov said Europe could not fully refill underground storage before winter even under the fastest response scenario and predicted that prices could set further records. Russian pipeline exports to Europe, which peaked at approximately 180 billion cubic meters annually in 2018 and 2019, fell to 18 billion cubic meters in 2025 after the closure of transit routes through Ukraine and the 2022 Nord Stream explosion. The European Union and countries including Germany continue to prioritize reducing dependence on Russian energy because of sanctions and concerns that supplies could be weaponized. A cold winter could push storage to around 14% by next spring, increasing reliance on expensive spot LNG (liquefied natural gas) from the United States, while a warmer winter would ease market pressure. European governments have not officially responded to Russia’s proposals, leaving policymakers to balance energy security against higher economic costs and possible inflationary pressure on European Central Bank policy.