HomeMediaLatest NewsUS sanctions will not cancel future LNG projects in Russia

US sanctions will not cancel future LNG projects in Russia

14 June 2024

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to TASS about the new US sanctions impact on the prospects for Russian LNG exports.

Alexey Belogoryev noted that the sanctions, in fact, can only affect Murmansk LNG and Ob LNG, since no decisions have been made on the implementation for the rest of the projects, which is possible only in the next decade.

The expert recalled that Novatek planned to accept an investment decision on Murmansk LNG and Ob LNG in 2024, but now it will certainly be postponed.

"These sanctions have been obvious since the autumn, therefore, most likely, foreign companies no longer considered participating in these projects, even signing long-term contracts for LNG supply," Belogoryev said.

According to him, Novatek was most likely ready for these sanctions and for the fact that it would implement its projects with the help of Russian capital and its technologies.

"It is difficult to say how much this increases the cost of the project. There is more a question of deadlines, their postponements," the expert added.

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