President Vladimir Putin of Russia has censured attempts by the West to weaponize global energy markets, calling on major gas producers to unite through mutual “swap operations” to stabilize global supply chains.

The Russian president addressed the 8th Summit of the Gas Exporting Countries Forum (GECF) in Moscow on Tuesday.

Putin encouraged bypassing blockades and the establishment of independent mechanisms to stabilize global markets.

Addressing the heads of state and government in attendance, Putin highlighted the severe disruptions in global energy logistics caused by geopolitical tensions, notably the escalating situation in West Asia and the Western economic warfare against Russia.

The Russian president pointed to the deliberate sabotage of critical international infrastructure, stating that “direct terrorist acts” have been committed against Russian gas pipelines supplying Europe.

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He condemned certain Western nations for erecting artificial barriers to the procurement of specialized energy equipment and technologies, plunging the global gas industry into a state of uncertainty.

He said Western attempts to exclude major producers from the global market have severely backfired, resulting in “exorbitant costs” for foreign end consumers and crippling European industry.

“Europe is striking a blow to its own industry and social sphere by rejecting Russian energy resources and tearing up long-term contracts,” Putin stated.

Invoking a traditional Russian proverb, the president mocked the strategy of the European Union. “Do not dig a pit for another, or you will fall into it yourself. In my view, this is exactly what has happened today in the countries of the European Union.”

Mutual gas swaps

To counter the disruptions and meet the surging energy demands of emerging markets in Asia, Africa, and Latin America, Putin proposed a multipolar solution for the GECF.

He called on member states to optimize transport routes and replace volumes lost to Western sanctions through “mutual swap operations.”

Drawing a parallel to the oil market, Putin highlighted the success of the “OPEC Plus” format in maintaining market stability against Western price manipulation.

He urged the GECF to set up similar effective mechanisms of interaction, proposing expanded consultations among member states to promptly assess risks—including physical threats to energy infrastructure—and coordinate supply strategies.

The Russian president emphasized that the future of global energy must rely on long-term contracts rather than short-term, volatile price spikes engineered by the West, ensuring that developing nations receive stable heat and fuel for their economies while producers secure guaranteed markets.

The GECF brings together 12 member countries that collectively hold about 70 percent of the world’s proven natural gas reserves. They account for approximately 38 percent of global gas production, 42 percent of gas exports and 47 percent of LNG exports.