SAMARKAND /Uzbekistan/, November 3. /TASS/. Western sanctions are no longer an obstacle to Russia’s development while they are causing colossal damage to their initiators, primarily in Europe, Russian officials stated at the Verona Eurasian Economic Forum in Samarkand.

As Russian Deputy Prime Minister Alexey Overchuk said, Moscow, by and large, does not care how many sanctions will be applied against it, but Europe, being deprived of access to Russian energy resources, has lost its main competitive advantage.

According to the most conservative estimates, the EU lost $1.5 trillion due to the severance of economic ties with Russia, Russian Deputy Foreign Minister Alexander Grushko noted.

TASS collected the main statements by the forum participants.

More sanctions, less sanctions

Russia has set a world record for the number of Western sanctions imposed against it, Overchuk recalled.

"By and large, we do not care any longer whether there is one sanction less or one sanction more. Although, such initiatives as the ban on knitting needles and needles in Russia cannot but attract our attention," he noted.

Overchuk called the fact that Europe abandoned reliable access to Russian energy resources, which was its main competitive advantage, "the biggest mystery of the 21st century."

"The European Union’s losses - this is according to the most conservative estimates - from the sanctions imposed and decisions made in the economic field to curtail cooperation with Russia total almost $1.5 trillion," Grushko said.

The diplomat admitted that it is difficult for him to comment on Western sanctions against Russia "due to the lack of a rational principle in them."

"It wasn’t any artificial intelligence that wrote down that shaving accessories carried by a Russian tourist could destabilize the situation in Ukraine. It was a specific person who put pen to paper and composed this, or typed it in to a computer, and then they voted for it," Grushko noted ironically.

According to the diplomat, these measures "are so fantastically outlandish that the EU countries are refusing to implement them for a number of reasons, because they are simply unenforceable."

In turn, Novatek CEO Leonid Mikhelson touched upon the sanctions the US Treasury Department imposed against the Arctic LNG 2 project. He jokingly noted that the year 2022 was to blame for the sanctions. Then LNG prices were breaking records: "I liked $30-35 [for 1 million BTU - British Thermal Unit]. I would like it to remain. The fewer projects there are, the higher the prices will be," he said.

Gas market prospects

By 2030, global LNG consumption will increase by 30 billion cubic meters and will amount to about 190 billion cubic meters, the total market volume can reach 800 billion cubic meters, according to a forecast made by Novatek CEO.

"Global demand will grow, and only three resource bases will be able to provide it: Qatar, Russia and the United States. More than 70% of liquefaction in the world is now planned precisely on the basis of these reserves," he said.

Mikhelson expects the biggest growth in demand for LNG in Asia. As for the European market, in 2022, pipeline supplies to Europe decreased by about 70 billion cubic meters, of which about 60 bln were replaced by LNG supplies. Mikhelson noted that by 2030, LNG consumption in Europe will add another 30 billion cubic meters and will amount to about 190 billion cubic meters.

"But even in this case, the level of consumption even by 2030 is 100 billion less than it was in 2022," he said.

Threats to the Baltic Sea

Deputy Foreign Minister Alexander Grushko expressed confidence that the Baltic Sea "will never turn into NATO’s internal sea."

"Such phrases are used by lightweight politicians. I think that those who make decisions in NATO, as well as military strategists, understand very well that closing the Baltic Sea for Russia means closing the Baltic Sea for everyone," he told reporters on the sidelines of the forum.

On possibility of dollar’s decline

The dollar will continue to be the main means of international payments for a long time, although its share in global settlements continues to decline, says Antonio Fallico, President of the Association Conoscere Eurasia (Italy).

"In particular, countries targeted by US sanctions accuse the United States of using its national currency as a geoeconomic weapon. But does this mean that the world will abandon the use of the dollar? Of course not. The dollar was, is and will continue to be the main means of international payments for a long time, although its participation continues to decline, experiencing ups and downs, as is happening now," Fallico said

"Rather, we are talking about the development of various forms and payment mechanisms: the diversified use of convenient and secure currencies, methods and payment systems, among which the dollar will remain the leader," Fallico added.