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Limited Near Term EU Impact from US Sanctions on Arctic LNG 2

LNG

LNG supplies to Europe this winter will not be impacted by the new US sanctions on Russia’s 27bcm/year Arctic LNG 2 project but there could be a mid- to long-term impact according to Montel sources.

  • Near-term supply will be unaffected with the first cargoes not expected until Q1 next year according to Jason Durden at NUS Consulting.
  • “My understanding is that only one of three trains is expected online sometime in Q1, so the impact for this winter is limited,” he said.
  • Last month Russia’s Deputy PM Alexaner Novak said the first of three 6.6mtpa trains of the Artic-LNG 2 plant will be completed by 2023 year-end, with first shipments to begin in early 2024.
  • Despite many long-term supply deals with Asian companies much of the LNG could head to Europe due to shipping costs and the closer proximity.
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