Sanctions leave Arctic LNG 2 largely idle, Bloomberg reports

Russia's $25 billion Arctic LNG 2 plant on the Kara Sea is virtually idle despite being ready to ship gas, because US sanctions imposed in 2023 halted it before full production began, according to Bloomberg. Only one of three production trains is complete. The report says 21 ice-class tankers were ordered for the project, but vessels involving South Korea's Hanwha Ocean and Mitsui OSK are stuck at dry docks, while carriers being built at the Zvezda shipyard are also delayed. Malte Humpert of the Arctic Institute said US sanctions had blocked the project before it even started production. Russia aims to produce more than 100 million tonnes of LNG a year by 2030.

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