LNG

Persistent disruptions to LNG flows through the Strait of Hormuz bolster Russia’s chances of getting the Power of Siberia II pipeline built. A 2032 startup would give Gazprom a new major outlet, as the EU’s 2027 ban on Russian LNG reshapes Moscow’s long-term export strategy.

EU member states spent more than €7.2 billion ($8.4 billion) on Yamal LNG last year – despite a full ban on LNG imports coming into force on January 1, 2027.  “Russia has no adequate alternative to the EU market,” Urgewalt analysts commented, noting more than three-quarters of all Yamal LNG exports currently go to Europe.

Russia's state-owned Rosneft is edging closer to taking control in the $4 billion Pechora LNG project in the Arctic Circle, which is currently owned by the Moscow-based investment firm Alltech Group.