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Russian gas exporter Gazprom must act this year if it is to achieve its goal of selling gas to China or will risk losing the chance forever, UK academic Jonathan Stern said Tuesday.

Speaking at the Gastech conference in Seoul, Stern said the events of recent weeks have increased the urgency to "do something in Asia and particularly this year."

With the European Commission expressing its intention to retaliate against Russia's seizure of Crimea from Ukraine by cutting imports, Russia will need to put in place some alternative revenue source, he said. Russia earns more from its exports of gas than from domestic sales, even though the volume it exports is much less.

"2014 is the year of decision for Russian gas and in particular for the pipeline project to China," he said, pointing out that for the last decade or so Russia has been saying that a final deal was six months away. However, the two sides have consistently failed to agree on a price. The next opportunity for a deal to be reached is in May, when Russian president Vladimir Putin visits Beijing, he said.