The EU Council has approved the 14th sanctions package against Russia which now includes Arctic LNG - 2 and Murmansk LNG projects.
Starting in the spring of 2025 (after a transition period of nine months), restrictions will be imposed on the transit of Russian liquefied natural gas (LNG) through European ports to third countries, as well as investments, provision of goods and services for the completion of the Arctic LNG - 2 and Murmansk LNG projects.
According to Maria Belova, Director of Research at Implementa company, the main reason for transshipment of Russian LNG in European ports is to increase the turnover of the already scarce Arc 7 vessels used now by Yamal LNG and, in future, by Arctic LNG -2.
The ban on re-exports will lead to an increase in the cost of LNG delivery and a decrease in the load of Arctic plants. However, there is a solution to this problem: transshipment of Russian LNG board-to-board in the Murmansk region and year-round LNG supplies along the Northern Sea Route (NSR) in the eastern direction, which NOVATEK has already started, mvestnik.ru notes.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
