HomeMediaLatest NewsThe West will not be able to block the export of Russian LNG

The West will not be able to block the export of Russian LNG

13 June 2024

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to RIA Novosti and the Prime news agency on the likelihood of maintaining foreign participation in NOVATEK's LNG projects and the general prospects for their development.

Western countries do not have economic instruments that would allow them to completely block the export of Russian LNG, Alexey Belogoryev shared this opinion with RIA Novosti.

"The goal of the United States is to try to isolate Novatek from the widest possible range of foreign partners and contractors, including from friendly countries... Western countries do not have the economic tools to completely block the export of Russian LNG," the agency's interlocutor believes.

"Therefore, the main risk for Russian LNG exports remains the EU embargo, which may be imposed by 2026. The good news is that Asian countries (primarily Japan and South Korea) have no plans for an embargo yet," Belogoryev explained.

He also recalled the problem of import substitution related to the shortage of gas carriers and technological sanctions against the plants themselves. According to the analyst, it may take years to solve this problem.

"In general, there are ways (for the export of Russian LNG - ed.), exports will continue to grow annually, but much slower than planned," the expert concluded.

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