Gazprom, which saw its export volumes and prices slump during the global financial crisis, boosted sales to Europe in May by 28 percent and Medvedev said the company may raise its export forecast.

Medvedev did not give a figure but said last month that Gazprom expected to export 151 billion cubic meters (bcm) to Europe this year, up from 139 bcm in 2010.

“What we are seeing now is that there can be no transition to a spot pricing mechanism. And there will not be because the situation is such that the spot market liquidity is not sufficient for us,” Medvedev told reporters.

“As soon as the economic crisis began to fade, it became clear that the market will work as before,” Medvedev said.

Gazprom sells around 7 percent of its exports under contracts linked to the price of gas traded at European hubs, but the remainder is sold under long-term deals whose prices are linked to oil with a lag of six to nine months.

Gazprom expects its export prices to rise to $500 per thousand cubic meters by December, compared to an average of $346 in the first quarter, which may explain buying by European utilities to replenish storage levels before prices rise.