Russian Deputy Prime Minister Alexander Novak said on Wednesday that the country will continue to sell its liquefied natural gas (LNG) to other consumers despite the latest EU sanctions.
On the sidelines of the Caucasus Investment Forum, Novak told Russian news agency TASS that they do not recognize the recent EU sanctions, calling them ‘illegitimate.’
‘Russian LNG will be sold. Agreements with partners have already been reached,’ he was quoted as saying.
‘Of course, there will be some difficulties that will have to be overcome,’ Novak said.
Novak’s remarks came after the EU adopted the 14th package of sanctions in June against Russia over its war on Ukraine, which started in February 2022.
The Council adopted the measures, ‘dealing a further blow to Putin’s regime and those who perpetuate his illegal, unprovoked and unjustified war of aggression against Ukraine,’ the bloc’s council said in a statement.
The sanctions will hit high-value sectors of the Russian economy, such as energy, finance and trade, and make it ever more difficult to circumvent EU sanctions, according to the statement.
The package includes restrictive measures on an additional 116 individuals and entities ‘responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.’
The package prohibits all future investments in, and exports to, LNG projects under construction in Russia.
The 27-member bloc also introduced a ban for EU banks outside Russia to use the financial messaging system, the System for Transfer of Financial Messages (SPFS), which is the Russian equivalent of SWIFT.
