America promises to stop Russia from developing new energy plans
Date
4/14/2024 3:04:39 AM
(MENAFN) During a Financial Times summit, senior State Department official Geoffrey Pyatt articulated the United States' commitment to obstructing the development of Russia's energy sector, with a particular focus on thwarting the Arctic LNG 2 project in the northern Yamal Region. Pyatt, serving as assistant secretary of state for energy resources, emphasized the United State's determination to ensure the project's failure, aiming to prevent Russia from redirecting gas previously supplied to Europe.
The Arctic LNG 2 project, spearheaded by private energy giant Novatek, has faced repeated economic restrictions imposed by the United States, with the most recent measures announced in November 2023. These actions are part of broader Western retaliation strategies in response to Russia's military intervention in Ukraine in 2022, with a significant emphasis on reducing Europe's reliance on Russian pipeline gas.
While American liquefied natural gas (LNG) producers have capitalized on market opportunities, Russia continues to supply gas to select European Union member states. However, the European Union has reportedly increased purchases of Russian LNG to offset the decline in pipeline gas imports. As a result, LNG now holds a 15 percent share of the European market, up from approximately 8 percent before 2022, while the share of Russian pipeline gas has decreased from 37 percent.
The United State's targeting of the Arctic LNG 2 project underscores its strategic objective to curtail Russia's energy dominance and bolster energy security in Europe. By obstructing the development of new Russian energy projects, the United States aims to reshape the global energy landscape and diminish Moscow's influence in key markets.
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