GROZNY, July 17. /TASS/. Despite Europe’s latest sanctions, Russia can still sell its liquefied natural gas (LNG) to other consumers, Russian Deputy Prime Minister Alexander Novak told TASS Director General Andrey Kondrashov in an interview.
"As far as the sanctions are concerned, we do not recognize them. They are illegitimate and aggravate the situation of those who impose them, as well as of their own consumers, namely with regard to fuel prices," he said on the sidelines of the Caucasus Investment Forum.
"Undoubtedly, considering that this type of fuel [LNG] is sought after, and global demand for it is growing, it [Russian LNG] will be sold. Agreements with partners have already been reached. Of course, there will be some difficulties that will have to be overcome," Novak said.
In his words, the sanctions that the West has been imposing on Russia since 2014, eventually lead to economic growth by spurring import substitution.
On June 24, the European Union introduced the 14th package of EU sanctions, blacklisting 47 companies and 69 individuals, announcing a ban on the transit of Russian LNG through EU ports, and prohibiting European companies from using the System for Transfer of Financial Messages (SPFS), the Russian alternative to SWIFT. Brussels introduced new restrictions on the export of a number of dual-use goods and equipment to Russia, as well as export restrictions on a number of companies in other countries, in particular in China. The EU also banned its ports from serving 27 ships that carry out shipments in the interests of Russia, and introduced a number of other restrictions.
About the forum
The Caucasus Investment Forum is underway in Grozny, Russia’s Chechen Republic, from July 15 to 17. Its program includes more than 60 events, a series of lectures and workshops. TASS is the general media partner of the event.