Yesterday, in a volatile day of trading, wholesale gas prices across the continent surged amid intensifying fears of a winter energy shortage.
Russian Deputy Prime Minister Alexander Novak said on Wednesday at a meeting chaired by Putin, that certification of the Nord Stream 2 undersea gas pipeline, which expects clearance from a Germany's regulator, could cool soaring European gas prices.
Prices have spiked in response to a recovery in demand, particularly from Asia, when storage levels are low.
European benchmark Dutch wholesale gas for November has jumped almost eightfold since the start of the year and reached an all-time high of over 150 euros per megawatt hour (MWh) in the early hours of Wednesday.
Putin told the meeting that Europe was wrong to reduce the share of long-term deals in natural gas trade in favour of the spot market instead, where prices have surged.
"We talked to the European Commission's previous lineup, and all its activity was aimed at phasing out of so-called long-term contracts.
It was aimed at transition to spot gas trade. And as it turned out, it has become obvious today, that this practice is a mistake."
Uncle Volodya stated that Russia is prepared to stabilise the market, and that Moscow is ready to discuss new long-term contracts for gas sales to European consumers.
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