US Sanctions Novatek’s Major Arctic LNG 2 Project in Russia
- Project is scheduled to start production later this year
- Other sanction targets included holding company Sistema PJSC
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The US imposed sanctions on Novatek PJSC’s Arctic LNG 2 project, a crucial part of Russia’s goal to more than triple its liquefied natural gas production by the end of the decade.
The Treasury Department announced the measure Thursday as part of a new package of restrictions targeting firms in multiple countries. The project, led by Russia’s biggest LNG producer, is set to start production this year.