Russia is ready to increase gas supplies to Europe, but this requires long-term contracts with European buyers, Deputy Prime Minister of the Russian Federation Alexander Novak said on the air of the Rossiya 1 TV channel, Report informs.

“We can supply (more gas to Europe), we have huge resources, but any production is an investment project that takes time for the project to pay off and attract investments… We have always advocated that long-term contracts, first of all, were the energy security system for consumers who use such energy carriers,” he said.

Earlier it was reported that the European Commission expects from Russia’s Gazprom and a number of other companies answers to questions sent by Brussels on restrictions on gas supplies.