Putin Links European Gas Crunch to EU Buying on Spot Markets

MOSCOW (Sputnik) - Russian President Vladimir Putin again rejected Europe's accusations of trying to manipulate its gas market, saying the European gas crunch resulted from the European Union's decision to buy on spot markets.

"The problems they created should be solved by them and we are ready to help. We are doing this", he said at an annual press conference.

Putin accused the EU of reselling Russian gas it bought at long-term contract prices in the lucrative spot markets.

He suggested that Germany was reverse-pumping Russian gas to Ukraine through Poland. He pointed to a pipeline connection between Poland and Ukraine that has the same capacity — 3 million cubic metres per day — as what is being pumped from Germany to Poland.

"I suspect that this gas has ended up in Ukraine. Consumers in Europe, in Germany, should know what's going on and maybe they should ask the responsible authorities to clear things up", he said. "Instead of pumping gas to Poland and on to Ukraine in order to hold up its trousers, they should continue pumping gas to Europe and Germany. This would influence the spot market price".

Europe is currently facing an unprecedented spike in gas prices, with gas futures hitting a record high of $2,187 per 1,000 cubic metres.