Russia carries on regardless

Energy majors Rosneft and Novatek are pushing ahead with LNG projects, despite the growing threat of US sanctions

Rosneft is advancing plans to develop its $15bn Far East liquefied natural gas project with ExxonMobil even after new sanctions forced the US company in late February to exit other joint ventures with its Russian partner. Novatek expects to launch the second stage of its $27bn Arctic Yamal LNG plant in September and start commissioning the third production line by the end of year. Meanwhile, energy giant Gazprom is pressing ahead with plans for LNG as a fuel, expanding its distribution networks at home and overseas. Both Rosneft and Novatek are restricted in accessing US markets for long-term financing, with little clarity on whether the current tensions between the Kremlin and the White Hou