Novatek Executive Traveling to Brussels to Soften EU Stance on Russian LNG, Sources Say
Novatek’s natural gas infrastructure in the Russian Arctic. (Source: Courtesy of Novatek)
A senior Novatek executive is reportedly traveling to Brussels in an attempt to moderate Europe’s position on Russian liquefied natural gas. The EU remains a key destination for Russian LNG, but an increasing number of member states are working towards a ban.
A month after Novatek dispatched an executive to Washington DC in an attempt to thaw U.S. relations towards Russian LNG, the same company official is now traveling to Brussels, HNN has learned.
Novatek senior executive and management board member, Denis Solovyov, is reportedly scheduled to arrive in the EU capital this week, according to two sources familiar with the matter. Mr. Solovyov’s trip comes at a critical time as EU member states and the European Commission are engaged in discussions over the 16th round of sanctions against Russia.
No clear plan of action has emerged in Brussels. A group of ten smaller states, led by the Nordic and some Eastern European countries, is advocating for a full ban on Russian LNG. However, the proposal is unlikely to find unanimous support among all 27 member states.
Concerns
“The group in favor does not contain key countries such as Spain, France, Belgium and Germany,” cautions Angelos Koutsis, Energy Policy Officer at Bond Beter Leefmilieu at Belgian environmental and nature organization.
Concerns over supply security and price stability have recently again come to the forefront, especially among member states importing the bulk of Russian LNG, primarily France, Spain, and Belgium.
Member states are very sensitive to increased energy prices
Appetite for LNG sanctions may be limited
Following the halting of Ukrainian gas transits on January 1, 2025 prices jumped 10 percent. A week later a new round of U.S. sanctions banned exports from two smaller Russian LNG plants, Vysotsk and Portovaya, taking around 0.9 bcm off the table, leading to additional price reactions.
“Member states are very sensitive to increased energy prices,” says Koutsis.
In addition the colder winter has led to an increased draw on reserves compared to the two previous winters.
The bloc has made little progress to phase out deliveries of Russian LNG. In fact, imports reached record levels in 2024 with 17.5m tonnes, up 14 percent over 2023. Around 52 percent of all Russian LNG production continues to flow into the EU, including roughly 80 percent of the country’s largest plant Yamal LNG in the Arctic.
Mr. Solovyov’s earlier lobbying attempt in DC was seemingly unsuccessful. Less than a month after his visit the U.S. slapped more than 180 vessels, including LNG carriers and a Chinese LNG module manufacturer with sanctions.
EU representatives did not immediately respond to requests for comment. Novatek did not confirm Mr. Solovyov’s travel plans.
