Putin’s flagship Arctic gas project struggles to lure customers

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Financial Times 2d ago

Putin’s flagship Arctic gas project struggles to lure customers - Financial Times

Quick Summary:

LNG exports add to the energy revenues that support Russia’s wartime economy, albeit at a much smaller scale than pipeline exports to Europe, which have been slashed after its full-scale invasion of Ukraine.

Experts in sanctions and LNG agree that because of the US sanctions, there is little chance European countries or western-allied nations will import from the Arctic project.

Arctic LNG 2 was intended as a totemic project for the Kremlin: its planned full production had been due to account for a fifth of Russia’s annual LNG production target of 100mn tonnes by 2030, which would amount to more than three times the volume the country exports now.