MOSCOW, March 6. /TASS/. The Russian government sees high demand for its LNG in friendly countries and the potential for signing long-term contracts, according to a cabinet statement following a meeting between Deputy Prime Minister Alexander Novak, industry ministries, and oil and gas company representatives.

"In accordance with the instructions of the Russian President, we addressed this issue today (redirecting gas supplies from Europe to other markets - TASS). We discussed in detail the current situation and the possibilities for rerouting gas. We decided that some of the LNG volumes currently supplied to Europe will be redirected to other markets where constructive, pragmatic relations are being built with our country, where there is demand and the opportunity to enter into long-term contracts," Novak said.

At the meeting he also noted that the global oil and gas market is currently experiencing high turbulence and uncertainty due to the situation in the Middle East. This leads to higher energy prices in some regions of the world, as well as the emergence of new logistical challenges for the industry as a whole, Novak said.

Earlier, President Vladimir Putin stated that, given the European Union's intention to completely abandon Russian gas, Russia could initiate an early exit from the European market and redirect supplies to other, more interested buyers.

In late January, the EU Council finally approved a ban on Russian LNG imports from January 1, 2027, and pipeline gas from September 30, 2027. However, the restrictions will be introduced earlier. LNG imports under short-term contracts will be banned from April 25, 2026, and short-term pipeline gas contracts must be completed by June 17, 2026.

LNG supplies from Russia to the EU in 2025 decreased by 5.6% to 20.3 billion cubic meters. Overall, Russia ranked fourth in gas supplies to the EU in 2025, after Norway, the United States, and Algeria, with 38 billion cubic meters. In January-February, Russian LNG supplies to the European Union increased by 11% and reached 4.5 billion cubic meters.