Copyright tass
ISTANBUL, October 30. /TASS/. An attempt to exclude Russian LNG, which has a 10% share of the global market, will lead to a sharp rise in prices, Novatek CEO Leonid Mikhelson said at the Verona Eurasian Economic Forum. "The European Union has added a ban on Russian LNG in 2027 to its 19th sanctions package. Russia currently accounts for over 10% of global LNG production. Those volumes will simply be diverted to other markets. Eliminating them from the global gas balance is simply impossible. Prices will skyrocket. And in that case, European consumers will pay the heaviest price," he said. The chief executive recalled the energy crisis in the European gas market in 2022 when gas prices reached $35 per million British thermal units, adding that the main thing now is to maintain the energy balance and avoid a crisis. Earlier, the European Union included a complete ban on imports of Russian liquefied natural gas under short-term contracts from April 25, 2026, and under long-term contracts from January 1, 2027, in its 19th sanctions package. In particular, the purchase, import, or transfer, directly or indirectly, of LNG produced or exported from Russia is prohibited. In 2024, Russian LNG supplies to the European Union increased by 21% to a record 21.5 bln cubic meters. In the first nine months of 2025, the flows decreased by 7%, having approached 15 bln cubic meters.
