WSJ: Sanctions Bite Massive Gas Project in Russian Arctic

A $27 billion energy project is rising rapidly on this icy peninsula jutting above the Arctic Circle, but the race to shore up its finances has emerged as a test of Moscow’s ability to weather Western sanctions.

U.S. restrictions on OAO Novatek, the project’s Russian leader, are squeezing the massive Yamal LNG liquefied-natural-gas venture, a centerpiece of President Vladimir Putin’s plan for Russia to reduce its heavy dependence on natural-gas customers in Europe by increasing exports to Asia and, in turn, cementing Russian ties with China.

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