OIES – Russia-US Thaw: Defrosting Arctic LNG Sanctions, Mar 2025

The main theme of the report is the potential warming of relations between the US and Russia, which could lead to the easing of US sanctions on the Russian Arctic LNG 2 project.

Key findings include: the warming of diplomatic relations between the US and Russia could lead to the lifting of sanctions on the Arctic LNG 2 project. This could affect global gas prices, reducing them by more than $1MMBTU by 2027. The political dynamics are more related to improving bilateral relations than progress in resolving the conflict in Ukraine.