Novatek chief says it is impossible to exclude Russia from global LNG market, RIA reports

MOSCOW, Oct 30 (Reuters) - Leonid Mikhelson, the head of Russia's largest liquefied natural gas producer Novatek NVTK.MM, said on Thursday it was impossible to exclude Russia, which accounts for 10% of the world's LNG supply, from the global LNG market as it would lead to a jump in prices.

The European Union countries approved last week a 19th package of sanctions against Russia that includes a ban on Russian liquefied natural gas imports.

The LNG ban will take effect in two stages: short-term contracts will end after six months and long-term contracts will be terminated from January 1, 2027.