China Objects to Sanctions on LNG Project Amidst Geopolitical Tensions | WION GLOW

The United States has imposed sanctions on Russia's Arctic LNG2 project, causing challenges for the project set to begin production in early 2024.
China's Ministry of Foreign Affairs spokesperson, Ma Ning, affirmed on Tuesday that China and Russia will continue their economic and trade cooperation despite the sanctions.
Ma Ning stated that economic cooperation between China and Russia should not be interfered with or restricted by any third party, emphasizing that sanctions and pressure are not effective solutions.
The Arctic LNG2 project, aimed at bolstering Russia's global energy market position, faces complications due to its complex ownership structure, with Nova Tech holding a majority 60% stake.
Chinese entities, including CNPC and prominent players, holding a 10% stake each in the project, are taking a defensive stance, with reports of force majeure declarations due to imposed restrictions on the project.

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