US Sanctions Target Russia’s Arctic LNG Project, Impacting European Gas Imports

The publication notes that European countries continued to import Russian liquefied natural gas even after Russia’s full-scale invasion of Ukraine, and until recently the United States tried to avoid cutting off supplies so as not to increase pressure on allies.

However, in early November, the US State Department announced sanctions against Russia’s new Arctic LNG project, essentially blocking European and Asian countries from buying gas from the project when production begins next year. This is the first time US sanctions have directly affected LNG supplies.

The project is expected to start supplying liquefied natural gas to the international market in the first quarter of 2024. Market analysts say that these volumes could partly ease the tension in the global LNG market caused by increased demand in Europe.

At the same time, US sanctions will effectively block this project for Western buyers.

2023-11-12 13:59:00
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