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Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, stated that European natural gas prices are expected to rise significantly by 2026, with forecasts indicating an increase of at least 100% compared to earlier projections. He referenced an HSBC report suggesting a 40% increase, describing the impact as devastating for industries and households.

Dmitriev noted that Europe will need time before it begins to demand more Russian gas. Kremlin spokesperson Dmitry Peskov affirmed that significant quantities of Russian oil are critical for stabilizing global energy markets.