War and sanctions: a blow to Arctic oil and gas?

Arild Moe and Anna Korppoo

Chapter 5 in Climate, Hydrocarbons, Sanctions, 2026, pp 73-87 from Edward Elgar Publishing

Abstract: Russian oil exports to Europe were radically curtailed by sanctions. Increased deliveries to China and India made up for lost export volumes, although the profitability of oil sales was reduced. Russian gas exports to Europe were not sanctioned, but pipeline exports fell drastically because of Russia's actions and buyers’ reluctance. Meanwhile, LNG exports to Europe reached record levels, despite the stalling of new LNG projects in the Arctic because of sanctions on technology transfer and finance. These sanctions also meant the huge Vostok Oil project was seriously delayed. The impact of sanctions demonstrated how closely Russia's Arctic was linked to the world economy, particularly to Western countries. Chinese companies did not engage in investments or technology transfers, as encouraged by Russia, to avoid secondary sanctions.

Keywords: Sanctions; Oil; Liquefied Natural Gas; Vostok Oil; Arctic LNG 2; China (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035355501
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