The United States’ sanctions against Russia’s Arctic LNG 2 project have drawn strong criticism from Russia, with claims that the measures are unacceptable and detrimental to global energy security. The Arctic LNG 2 project, located in the Gydan Peninsula, is a significant part of Russia’s strategy to increase its global liquefied natural gas (LNG) market share from 8% to 20% by 2030-2035, and the sanctions have led to foreign shareholders suspending their involvement.
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Impact of Sanctions on Arctic LNG 2
The U.S. sanctions targeting the Arctic LNG 2 project have elicited condemnation from Russia, deeming them unacceptable.
The LNG project, situated in the Arctic’s Gydan Peninsula, holds strategic importance for Russia’s ambition to enhance its global LNG market share.
The sanctions have resulted in foreign shareholders withdrawing from the project, impacting its financing and offtake contracts for the new plant.
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Russia’s Response to Sanctions
Russian Foreign Ministry spokesperson Maria Zakharova expressed strong disapproval of the U.S. sanctions, labeling them as unacceptable, especially concerning international commercial projects like Arctic LNG 2.
Zakharova accused Washington of playing a destructive role in global economic security, emphasizing the contradiction between claiming the need for security and pursuing selfish interests to eliminate competitors and jeopardize global energy security.
The sanctions against Russia, including those affecting the Arctic LNG 2 project, are contributing to economic challenges for the country. While the measures exclude industries like food, agriculture, health, and pharmaceuticals, various economic indicators suggest an impact.
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