International gas prices have risen sharply amid global political developments, Russian President Vladimir Putin said at the summit of the Gas Exporting Countries Forum.

“The global gas industry has found itself in a situation of uncertainty. Traditional business ties have been undermined. Prices have increased dramatically, but we all understand that they can also fall sharply and return to their previous levels,” the Russian leader said, The Caspian Post reports, citing TASS.

Putin added that the industry was facing serious shocks, including the worsening situation in the Middle East, one of the world’s major gas-producing regions, explosions at the Nord Stream pipelines, disruptions to traditional logistics chains and supply routes, and international restrictions on the purchase of relevant equipment and technologies.