An exception to Gazprom's monopoly on Russia's gas exports could in theory be made for exports of seaborne liquefied natural gas (LNG), Russia's energy minister said on Tuesday.

"In theory there are possible options specifically for LNG," Alexander Novak told reporters. "What form to use and what system of agreements with Gazprom Export and others - it would need to be developed specifically."

Gazprom's monopoly is protected by law. But Russia's top non-state gas producer, Novatek, appears to be in the lead in the development of new LNG facilities with its Yamal LNG project, which has France's Total as a 20% shareholder.

The Kremlin, concerned about declining markets in Europe, a key source of revenues for Gazprom and therefore for the Russian budget, wants to shift Russia's gas strategy toward LNG, in particular for the growing Asian market.

President Vladimir Putin told Novatek CEO Leonid Mikhelson on Monday, however, that he must work with Gazprom to sell Yamal LNG's output, suggesting he is loath to sacrifice Gazprom's export monopoly to get a much desired LNG strategy off the ground.

Putin noted Novatek would need export contracts to secure financing for the project.

Novak did not comment on Putin's remarks, nor did he specify whether the law would require amendments in order for Novatek to ship LNG independently.

He said the ministry would rule by the end of the year on whether Novatek, which has requested rights to handle its own exports from its Yamal LNG project, can export LNG independently of Gazprom.