Russia is ready to provide more gas to Europe to help ease an energy price crunch.

So said Russian President Vladimir Putin said in a speech Wednesday (October 13).

He also rejected any suggestion that Moscow was squeezing supplies for political motives.

"And you are talking about accusations against Russia that it uses energy sources as a weapon. That is complete nonsense and rubbish, politically motivated, non-justified blather."

European gas prices have hit record levels this month.

Energy demand has surged as economies rebound from the health crisis.

That has driven up prices of oil, gas and coal.

The Kremlin has denied Russia is deliberately holding back supplies to exert pressure for quick regulatory approval of the new gas pipeline Nord Stream 2.

It has been built across the Baltic Sea to Germany, but is still waiting for approval to start pumping.

The U.S. and some European nations are opposed to the project, as they fear Europe will become overly reliant on Russia.

Putin's spokesman earlier said Russian gas giant Gazprom was supplying gas to Europe at maximum levels under existing contracts.

He further said any increase would need to be negotiated with the company.