Leonid Michelson, chairman of Novatek, Russia's second-largest natural gas producer, said on October 30, that the West could not exclude Russian liquefied natural gas from the global gas supply and demand balance, and forcing it to do so would result in a significant increase in natural gas prices, damaging the interests of European consumers.

At the Verona Eurasian Economic Forum held in Istanbul, Turkey, Michelson said that Russia's global LNG output accounts for more than 10 percent, and it is unrealistic to exclude it from the global gas supply and demand balance.

European Commission President Von der Leyen previously said that the 19th round of EU sanctions against Russia is the first time the EU has cracked down on Russia's natural gas industry, which is one of the core pillars of the Russian economy.

The International Energy Agency recently released a report saying that in the first three quarters of this year, U.S. liquefied natural gas exports to Europe surged by 60%. U.S. liquefied natural gas has accounted for 60% of Europe's total imported liquefied natural gas, surpassing Russia to become Europe's largest liquefied natural gas supplier.