Russia stands ready to supply Europe with as much natural gas as it needs and is already ramping up supplies, President Vladimir Putin said at an energy conference in Moscow.

He indicated that he wanted to talk to the European Union about stabilizing the gas market.

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Putin also reiterated that Russia is fulfilling all its contractual obligations regarding supplies of gas to Europe.

Due to the high demand and limited supply, the price of gas in Europe has risen to a record high.

Putin says it is a "difficult situation" in the gas market.

According to him, that market is unbalanced and unpredictable, especially in Europe.

The Russian president believes that agreements should be made to stabilize the market in the long term.

He went on to say that there are "systemic flaws" in the European energy market, such as over-reliance on renewable energy sources such as wind and solar power.

The European energy crisis was partly caused by a lower yield from energy from wind farms.

At the same time, European investments in fossil energy sources were scaled back, so that, according to Putin, there are now shortages.

Gas deliveries at maximum level

Kremlin spokesman Dmitri Peskov said earlier in the day that gas supplies from the Russian state gas group Gazprom to Europe under current contracts are at a maximum level.

If Europe wants to purchase more gas from Gazprom, new contracts will have to be signed, the spokesman said.

Finally, Putin said Russia is not using gas as a "weapon" to exert influence in Europe.

Critics accuse Moscow, among other things, of deliberately limiting gas supplies to Europe in order to quickly gain approval for the commissioning of the new and controversial gas pipeline Nord Stream 2 that runs through the Baltic Sea from Russia to Germany.

Putin calls these kinds of claims "nonsense".

According to him, the former Soviet Union also supplied gas to Europe during the Cold War, when relations between them were very bad.

Keywords: vladimir putin, supplies, russia, natural gas, europe, gas, gas market., situation, energy conference, blocks, moscow, gas supplies, dmitri peskov, european union, market