16:33 - 22.10.2026

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October 22, Fineko/abc.az. Leonid Mikhelson, CEO of Russia’s largest private natural gas producer Novatek, addressed EU restrictions on Russian liquefied natural gas (LNG) during the Verona Eurasian Economic Forum in Istanbul.

Mikhelson stated that isolating Russia from the global LNG market is impossible, noting that shipments originally intended for Europe are being redirected without issue. Meanwhile, Asian LNG prices have surged past $30 per MMBtu—the highest level since autumn 2022—driven by Middle East supply disruptions and upcoming winter demand. Highlighting that neither buyers nor suppliers benefit from elevated prices, Mikhelson urged Brussels to reconsider its energy policies to safeguard European industry.

Under EU Council regulations, a full ban on Russian LNG under long-term contracts is scheduled to take effect on January 1, 2027.