Russian President Vladimir Putin has instructed Gazprom to start delivering gas to Europe after Russia replenishes its own gas stocks.

Alexei Miller, the manager of Gazprom, Russia’s natural gas export monopoly, stated that Russia’s stocks will be filled by 8 November. Gas prices in Asia and Europe have suddenly climbed to record levels this year, while benchmark Dutch spot gas prices have increased by 365 percent since the beginning of the year.

The recovery of economies from the epidemic, increasing demand and the decrease in stocks were effective in the jump in spot prices.

“As soon as we complete the delivery of (gas) to underground storage facilities in Russia, Gazprom will begin shipping our gas to storage facilities in Europe,” Miller told Putin at a televised cabinet meeting yesterday.

Putin said this would improve the troubled situation in the European energy markets. He said Gazprom will reach the targeted level of 72.6 billion cubic meters (bcm) in domestic storage by November 1, and will have fully stocked up by November 8.