MassiveIndustry

(Mon, 29 Apr 2024) Russia was the world’s second-highest dry natural gas producer and exporter, the third-highest crude oil and condensate producer, and the third-highest coal exporter in 2022. After Russia’s full-scale invasion of Ukraine that same year, G7 economies, the EU, and other countries, began imposing sanctions including targeted measures on Russia’s energy sector. These sanctions expedited a shift in Russia’s trade toward Asia, relying more heavily on seaborne shipments because of limited eastbound rail and pipeline infrastructure. The Russian government is prioritizing liquefied natural gas (LNG) infrastructure development, to better reach markets not readily accessible via pipeline, despite sanctions related to LNG technology and financing.