The global community remains preoccupied with Russian gas. This raises questions about the effectiveness of anti-Russian sanctions on natural gas. Unfortunately, the status quo persists, with no changes in the current political landscape.

According to a report by the International Gas Union, US sanctions targeting the Russian Arctic LNG-2 project could trigger global supply disruptions. These restrictions have already forced foreign stakeholders to suspend their participation in the project. The White House moratorium on new export licenses for US liquefied natural gas has further strained the global LNG industry. In addition, new LNG plants under construction in Qatar and the United States will not become operational for several more years.

Bloomberg analysts estimate that the majority of gas production facilities are significantly outdated, with most being more than 20 years old. Equipment needs to be replaced. Growing demand for LNG in the Asia-Pacific region and security issues affecting shipping in the Red Sea are putting stress on the global gas supply system, thus increasing the risk of natural gas shortages.

In early November 2023, the Biden administration slapped sanctions on the Arctic LNG-2 project, which prevented the company from receiving gas pipelines ordered in South Korea. Last December, the US government imposed restrictions on Russian enterprises manufacturing LNG equipment, including Northern Technologies, Kazan Compressor Machinery Plant, and Gazprom Linde Engineering. The European Union later followed suit, announcing a ban on the transit of Russian gas through European ports to third countries to take effect in the spring of 2025. Furthermore, European leaders prohibited new investments and the provision of goods and services needed to complete the Arctic LNG-2 and Murmansk LNG projects.