Semyon Vainshtok, who heads Transneft, was quoted today as saying Russia has "overfed" Europe with oil, driving down prices through oversupply.
He said that, once the projected pipeline to Asia is built, Transneft may redirect some of the oil supplies from Europe to China.
A European Commission spokesman, Ferran Tarradellas Espuny, said "in an open market, it's perfectly logical that suppliers look for different customers," adding that "we are looking for different suppliers. So, if they want to do so, they are free" to do so.
However, the European Commission also said it expected all suppliers to meet their commercial commitments.
Transneft's threat today came after similar comments last week by Russia's state-controlled natural gas company Gazprom.