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Even a near-record discount for European…

U.S. Works With Partners On New Arctic LNG 2 Sanctions

Washington is working closely with partner countries on the enforcement of the latest round of sanctions against a Russian entity—Novatek’s Arctic LNG 2 project.

This is according to a State Department spokesperson, as quoted by Reuters.

The report follows remarks made by Japan’s Industry Minister earlier this week that came down to assurances for the public that the Japanese government will make sure these sanctions do not affect the country’s energy supply security.

Japan’s Mitsui & Co. and the Japan Organization for Metals and Energy Security hold a 10% stake in Arctic LNG 2. French TotalEnergies also has a 10% stake in the project, which is the third large-scale LNG project in Russia, after Novatek’s Arctic LNG and Gazprom’s Portovaya.

In his remarks, Industry Minister Yasutoshi Nishimura noted that a certain impact from the sanctions would be inevitable but "We will work with the Group of Seven countries to make a comprehensive judgment and respond appropriately so as not to impair the stable energy supply to our nation," he said.

The State Department spokesperson also noted the stability of supply, with a focus on LNG prices, in their comments on the sanctions.

“We do not have a strategic interest in reducing the global supply of energy, which would raise energy prices around the world and pad Putin’s profits,” they said, adding “Through all of our sanctions designations we maintain close coordination with our partners on sanctions issues, and we will continue to do so.”

Novatek itself, meanwhile, has shrugged off the news of the sanctions. Its executive chairman, Leonid Mikhelson, told Russian media that the sanctions are “high praise for our professionalism,” adding that the U.S. has imposed the sanctions in order to keep LNG prices high and benefit local LNG producers who have to contend with higher production costs. 


By Irina Slav for Oilprice.com

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