India refuses to buy Russian gas from sanctioned Arctic LNG 2 project
India refused to buy Russian gas due to sanctions (Getty Images)
India will not purchase liquefied natural gas (LNG) produced under Russia's Arctic LNG 2 project, which is subject to Western sanctions, according to India's Oil Minister, Pankaj Jain.
"We will not buy (supply from) Arctic LNG 2. We are not buying any sanctioned commodity. Something which has broad-based sanctions, we are not touching it," Jain told reporters.
The Arctic LNG 2 project, developed by Russia's Novatek, has been targeted by Western sanctions due to Russia's war against Ukraine. The United States has also imposed sanctions on hundreds of legal entities and individuals supporting Russia's military efforts, including companies involved in the development of the Arctic LNG 2 project and its LNG supplies.
Gas is crucial to the Kremlin's plans to boost exports, replenish state coffers, and fund its military machine, but achieving this requires a significant share of the global LNG market.
In the months following its invasion of Ukraine, Russia has amassed a shadow fleet to transport its oil worldwide. Now, there is growing evidence that Moscow is doing the same with liquefied natural gas.
Since the beginning of Russia's invasion of Ukraine, India has sharply increased trade with Russia, including buying its oil, which brings profits to the Kremlin's military machine.
Earlier, India had announced plans to continue purchasing oil from Russian companies that are allowed to make such sales, as the prices are low.
