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.
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.