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Story summary
- Leonid Mikhelson, CEO of Russia's Novatek, warned that excluding Russia from the global LNG market would raise prices.
- The European Union approved a phased ban on Russian LNG imports, with stages starting in 2027.
- Mikhelson said banned volumes would shift to other markets, and Europe would face unprecedented price hikes.
- Novatek's current LNG projects continue to supply Europe, while some cargoes are redirected to Asia despite sanctions.
