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US Increases Sanctions on Russian LNG Exports to Limit Moscow’s Revenue

The US will keep increasing pressure on Russian liquefied natural gas (LNG) exports to cut off Moscow’s financial resources for its war in Ukraine, according to a senior US State Department energy official.

Geoffrey Pyatt, assistant secretary for energy resources and former US ambassador to Ukraine, stated that the goal is to reduce Russia’s revenue from oil and gas. Last year, the US sanctioned Russia’s Arctic LNG 2 plant and started restricting ships picking up fuel from it in August. So far, no tankers have reached foreign ports, a notable success for the US in curbing Russian exports.

LNG tanker
Liquefied gas carrier
Source: Shutterstock

However, the US has not imposed sanctions on other Russian LNG facilities like Yamal and Portovaya, which continue to supply Europe and Asia. Sanctioning these plants could tighten global LNG supply and drive up prices.

Pyatt emphasized that US policy is effective and that the Biden administration will continue to apply pressure on Russia’s LNG exports. He also highlighted that Washington’s aggressive stance on Arctic LNG 2 is partly due to the US being the world’s largest LNG supplier, giving it more flexibility in the global market.

Октябрь, 23, 2024 34 0
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Author photo - Olga Nesvetailova
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A creative freelancer with the ability to study source literature and create relevant material. The sea has always attracted me with its unbridledness, mystery, and a love of creativity helped me express my most interesting thoughts and reflections on paper, therefore, now I am doubly interested in studying the world of shipbuilding and writing useful materials for sailors.
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