Prices have been climbing for months due to a tightening in global supply triggered by factors ranging from lower production in the North Sea, higher demand in Brazil and Asia and supply constraints in Russia.
Mr Putin said Russia was ready to help stabilize markets and could export record volumes of gas this year. He has asked his government for proposals on how to stabilize energy markets, Bloomberg reported.
Russia has been accused in recent weeks of helping push prices up to pressure Germany to start the new Nord Stream 2 pipeline.
Putin insisted that Russia is “a reliable supplier of gas to its consumers around the world – both in Asia and in Europe, and always fully fulfills all of its obligations.”
As businesses and households face rising costs, the EU on Wednesday pledged to make recommendations to member states such as compensation for vulnerable households, tax cuts and state aid to companies.
Energy Commissioner Kadri Simson told the European Parliament: “This price shock cannot be underestimated. It harms our fellow citizens and in particular the most vulnerable households, weakens competitiveness and accentuates inflationary pressures. If left unchecked, it risks jeopardizing Europe’s recovery as it takes hold. “
UK households are protected to some extent from wholesale prices by the cap on energy bills, but this has already risen and is expected to rise further when recalculated in April.
Cornwall Insight, the energy consultancy, predicts it could rise from £ 383 to £ 1,600 – an increase of around 30%, having already climbed £ 139 on October 1.