The media warned about the consequences of US sanctions against Arctic LNG 2

US sanctions against the Russian Arctic LNG 2 project will block European and Asian countries from buying gas after the start of its production in 2024. About this with reference to sources writes Financial Times newspaper.

November 2 USA introduced sanctions against Arctic LNG 2, Novatek’s project for the extraction of natural gas and the production of liquefied natural gas (LNG) on the Gydan Peninsula. The project involves the development of the Utrenneye field and the construction of a natural gas liquefaction plant at the Utrenneye terminal in the Gulf of Ob. The launch of the second stage of Arctic LNG 2 is scheduled for 2024, and the third – for 2026.

Sanctions could cause disruptions in global energy markets, the newspaper writes. The United States, with its restrictions against the Russian project, seeks to “poison” it, and sanctions will put pressure on “any non-American companies” that plan to purchase gas through Arctic LNG 2, said Francis Bond, a sanctions specialist at the law firm Macfarlanes.

The US State Department noted that Washington has no “strategic interest in reducing global energy supplies,” which would lead to higher energy prices, the newspaper points out. At the same time, they confirmed that the United States and its allies are interested in “strangling” the Novatek project.

French Finance Minister Bruno Le Maire said that American sanctions now “do not pose a serious risk to gas supplies to Europe.” At the same time, Japanese Industry Minister Yasunori Nishimura, as the FT writes, called “a certain degree” of the impact of restrictions on Tokyo inevitable.

“If Arctic LNG 2 doesn’t start exporting as planned in 2024, that will keep markets a little tighter,” said Columbia University expert Anne-Sophie Corbeau.

Arctic LNG – 2 will be the world’s first plant for the serial production of LNG lines on gravity-type foundations (GTS). Each CDP houses 14 technological modules with a total weight of about 160,000 tons and a single module weight of up to 17,000 tons.

Deputy Prime Minister Alexander Novak saidthat Russia should occupy 20% of the world LNG market. He noted that to achieve this goal, several projects are being implemented, including the construction of the Arctic LNG 2 plant in the Yamalo-Nenets Autonomous Okrug.