Following the Russian invasion of Ukraine on 24 February 2022, the UK, U.S. and EU were quick to impose economic sanctions on Russia. These sanctions have only increased in the intervening years, with an increasing number of Russian commodities the subject of restriction. However, until recently, Russian LNG was one area where sanctions took a “light touch” approach.
The U.S. and the UK moved quickly to prohibit the import of Russian LNG into their territories, but did not pass sanctions against the transportation of Russian LNG to other territories. Similarly, while the U.S. placed asset freeze sanctions on new Russian LNG projects such as the Arctic LNG 2 project, existing LNG infrastructure in Russia was not designated.
Continue Reading LNG sanctions on Russia – A fluid landscape