US sanctions against Arctic LNG 2 undermine global energy security: Russia

MOSCOW: US sanctions targeting Russia’s massive Arctic LNG 2 project are unacceptable and undermine global energy security, the Russian foreign ministry’s spokeswoman said on Wednesday.

The project, located in the Gydan Peninsula in the Arctic, is a key element in Russia’s efforts to boost its share of the global liquefied natural gas (LNG) market to a fifth by 2030-2035 from 8% now.

Western countries have imposed wide-ranging sanctions against Russian firms and individuals following the Kremlin’s decision to send tens of thousands of troops into Ukraine in Feb. 2022, seeking to cripple Moscow’s military might.

Last month, Washington announced sanctions against Arctic LNG 2. “We consider such actions unacceptable, especially in relation to such large international commercial projects as Arctic LNG 2, which affect the energy balance of many states,” spokeswoman Maria Zakharova told a weekly briefing.