Russia is positioning itself to take advantage of turmoil in global energy markets triggered by the escalating Middle East conflict, with President Vladimir Putin arguing that disruptions to oil and gas supplies are reshaping trade flows and creating opportunities for Russian exporters.

Speaking at a meeting with senior energy executives and officials, Putin said the crisis had validated Moscow’s long-standing warnings that instability in the region would threaten the global fuel and energy system.

“Russia has repeatedly made it clear that attempts to destabilise the situation in the Middle East would inevitably put the global fuel and energy complex under threat,” he said. “It appears that this is exactly what is happening.”

According to Putin, the closure of the Strait of Hormuz has created severe logistical bottlenecks for oil shipments. Around a third of global seaborne oil exports — roughly 14mn barrels per day — normally transit the route, with about 80% destined for Asia-Pacific markets. “At present this route is effectively closed,” he said. “Oil production tied to the use of the strait risks coming to a complete halt within the next month.”

He said storage facilities across the Gulf were filling with crude that could not be exported or could only be moved at prohibitive cost, creating knock-on effects across global supply chains. “Disruptions in supplies are followed by other purely economic problems: inflation rises, and production suffers not only in the oil and gas sector but also in the manufacturing of industrial goods,” Putin said.

The resulting supply shock has pushed prices sharply higher. Putin noted that oil had briefly traded above $119 a barrel before retreating to just above $100, adding that the overall trend remained upward. Liquefied natural gas markets were experiencing similar pressures as Middle Eastern output declined. “The missing volumes are impossible to quickly compensate,” he said, adding that gas prices were rising even faster than oil.

Putin argued that the disruption would intensify competition among buyers for reliable supplies and said Russia’s energy companies had historically provided stability. “Russian energy companies have always distinguished themselves by reliability,” he said.

The Russian leader suggested the upheaval could accelerate a shift in global energy logistics towards markets that offer stronger long-term demand. While acknowledging that current price spikes are likely temporary, he said the change in supply and demand balances would lead to “a new stable price reality”.

He also urged Russian companies to use the period of elevated prices to strengthen their balance sheets by paying down debt to domestic banks, asking the government and the central bank to oversee the process.

Putin also used the meeting to criticise European plans to tighten restrictions on Russian hydrocarbons, including a potential ban on Russian LNG imports by 2027. Moscow is studying whether it should halt shipments to the EU earlier and redirect volumes elsewhere.

“The government has been tasked with assessing the possibility and expediency of stopping the supply of our energy resources to the European market without waiting for the door to be slammed in our face,” he said.

At the same time, Putin said Russia remained open to resuming deeper energy ties with Europe if political conditions changed. “If European buyers decide to provide long-term, sustainable cooperation free from political considerations, we can accommodate them,” he said. “We have never turned them down, and we are ready to work with the Europeans.”