Russia Uses New Arctic LNG To Dodge Energy Sanctions

November 21, 2023/in /by Rudolf Huber

I have long had the feeling that the Russian energy complex is largely a Ponzi scheme. Especially in Natural Gas as the bulk of the gas that came to Europe before the war came from the old legacy fields. People generally seem to believe that if there is oil or gas in the ground, those on top grow rich instantly. But resource does not equal useable resource. Some are so hard to develop that the cost to bring the gas to market exceeds the price one can get on the same. When all you do is export legacy oil and gas at little cost because communism swallowed the cost in its bankruptcy, then you must learn how to properly develop projects with cost constraints for the newer stuff. I believe Gazprom can’t do that. But as long as people drink the Kool-Aid, the subterfuge holds up.

Russia is physically pivoting its energy exports into arctic LNG projects to dodge sanctions. Some Western companies are helping them.

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