The Russia-Ukraine war: bad signs for Putin’s massive energy plan in the Arctic

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The Russia-Ukraine war: bad signs for Putin’s massive energy plan in the Arctic

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The construction of a Russian gas plant in the Arctic Peninsula. Photo by AFP

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This is a very ambitious project in the frigid Gulf of Ob, in the far north of Russia, a stepping stone to Moscow’s growing ambition to become a natural gas powerhouse liquefied as in oil and gas sent through the pipeline.

When Russian President Vladimir Putin launched his war against Ukraine, the $ 21 billion project known as Arctic LNG 2 is well conducted, with dozens of wells drilled, an airport made and most of the equipment ordered.

Now, however, European Union sanctions prohibit the sale of gas liquefaction equipment to Russia question in the massive complex. The sanctions mean, at best, that only one in three planned Arctic LNG liquefaction facilities could be completed any time soon, according to analysts.

The main international financier of the project, TotalEnergiesrecently canceled its $ 4,100 million investment. “It’s hard to believe it can be built on sanctions,” Patrick Pouyanne, CEO of TotalEnergies, told analysts in late April.

The problems are more than just liquefied natural gas.

In the coming years, Russia is likely is forced to regress to a broad spectrum of energy. The future growth of its oil and gas exports – for decades the backbone of the country’s economy – is highly uncertain.

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