“The European market for gas and electricity has literally collapsed and is not functioning today.
This does not mean that it should be abandoned, it should be reformed," TASS quoted him as saying.
Russian President Vladimir Putin earlier on the sidelines of the Eastern Economic Forum said that the European energy market has ceased to be premium.
The media wrote that Russia is able to stop gas exports to the European Union for at least a year, without harming the national economy in any way.