Russia pledges to boost gas supplies to Europe amid energy crunch

Europe’s soaring gas prices dropped Thursday after Russia suggested it could sell more gas to European spot buyers via its domestic market in addition to through existing long-term contracts.

Russia has the potential to boost natural gas supplies to Europe, where surging gas prices have ramped up pressure on consumers, the Kremlin said Thursday.

Kremlin spokesman Dmitry Peskov said existing gas transit routes allow for bolstering supplies before the new Nord Stream 2 pipeline that is intended to bring Russian gas to Germany begins operating.

“There is a potential,” Peskov said during a conference call with reporters. “It all depends on demand, contractual obligations and commercial agreements.”