Russia, Blocked from Exporting Gas to Europe, Turns Eyes to Asia

The Marshal Vasilevskiy, a floating liquefied natural gas (LNG) storage and regasification unit (FSRU) vessel belonging to the state-owned natural gas company Gazprom, is anchored off the coast near the Russian Baltic Sea city of Kaliningrad.
[Image source=Yonhap News]

[Asia Economy Reporter Lee Chun-hee] Valentina Matviyenko, Chairwoman of the Russian Federation Council, is reportedly considering supplying the Asian market in preparation for the possibility that Europe may stop purchasing Russian gas, according to TASS news agency on the 29th (local time).

According to the report, Chairwoman Matviyenko expects that if Europe refuses to purchase, supplies could be redirected to markets such as Asia.

Currently, Russia is facing large-scale sanctions from the West due to its invasion of Ukraine. In response, on the 23rd, Russia announced a measure requiring payment for natural gas sales to unfriendly countries, including Europe, to be made only in its national currency, the ruble. However, the Group of Seven (G7) has decided to reject Russia's demand.

If Russia supplies natural gas to the Asian market, the most likely buyers are China and India. Previously, China signed long-term gas and crude oil supply contracts with Russia during President Vladimir Putin's visit to Beijing for the Winter Olympics last month. There have also been foreign media reports that India recently began importing Russian crude oil in earnest.

This content was produced with the assistance of AI translation services.