Russia produces 10% of the world's LNG, and it is impossible to exclude it from the global gas balance.

Russia produces approximately 10% of the world's LNG, making it impossible to exclude it from the global gas balance, and US resources are not sufficient even to cover EU demand, Mikhelson said.

As NOVATEK CEO Leonid Mikhelson stated at the Verona Eurasian Economic Forum, a complete ban on Russian LNG would only lead to a rise in prices.

"There's practically no longer a 100% link between LNG and consumption regions. This is a global market. The European Union, for example, included a 2027 ban on Russian LNG in its 19th sanctions package. Russia currently accounts for over 10% of global LNG production. These volumes will simply go to other markets," he said.

"Excluding Russia from the global gas balance is simply impossible. It would lead to an unprecedented price hike. And in that case, European consumers would pay the most," the head of NOVATEK emphasized.

Mikhelson noted that American LNG projects will not be able to meet the rapidly growing demand in the European region.

"Due to strong demand in Europe, consumption is expected to grow by around 4% this year. Consumption there will increase by 20 million tons. Incidentally, the US will increase exports less this year—by approximately 17 million tons by the end of the year. Therefore, if the EU continues to grow demand at the same rate, there's no guarantee that even new US projects will be able to meet it," explained L. Mikhelson.

The head of NOVATEK believes that the active development of data centers in the United States will increase domestic consumption in the country and limit export opportunities.

As NOVATEK CEO Leonid Mikhelson stated at the Verona Eurasian Economic Forum, the global gas market will need at least another 300 million tons of LNG by 2050.

"The LNG market is projected to grow from the current 405 million tons to 720 million tons by 2050. This means the market will need an additional 300 million tons of LNG per year. Only Qatar, the United States, and Russia can provide such reserves and resources," he said.

At the same time, overall gas demand could grow by 20% by 2050, to 5 trillion cubic meters per year.