The Canada Brief

Economy · 8 d ago

An LNG terminal

Matthew Smith @ Flickr · CC BY 2.0 · Wikimedia Commons

U.S. and Russia discussed lifting sanctions on Arctic LNG 2, reports say

According to reports, Washington and Moscow discussed lifting U.S. sanctions on Arctic LNG 2 in exchange for Novatek's role in building an LNG complex in Alaska. Novatek denies the technology was tied to sanctions relief.

Cost of the Alaska project

25 $ billion

The $25-billion Alaska project belongs to the U.S. company Polar LNG. Reports say Novatek planned to supply equipment and secretly financed the company through an intermediary in the United Arab Emirates.

What we know

  • Polar LNG has no Treasury permit
  • Sanctions on Arctic LNG 2 remain

Not yet

  • Whether a deal was ever agreed

Polar LNG rejects the allegation of breaking U.S. law. It needs a U.S. Treasury permit to use Novatek's equipment, and does not have one.