FX.co ★ India refuses to buy LNG from Russia

According to India's Ministry of Petroleum and Natural Gas, the country will no longer buy liquefied natural gas (LNG) from Russia. The fuel produced by Russia's Arctic LNG 2 project has come under fire, as it is currently subject to Western sanctions. This problem needs to be addressed.

Let us remind you that the Arctic LNG 2 project, owned by Russia's Novatek, has been under Western restrictions for quite some time. On top of that, the United States has also imposed sanctions on most legal entities and individuals, including companies supporting the development of the Arctic LNG 2 project and the shipment of natural gas.

Earlier, Novatek's management denied media reports claiming the company was involved in creating and managing a "shadow fleet" for the Arctic LNG 2 project.

It is worth noting that last week, natural gas futures were trading steadily around $2,895 after dropping from three-month highs. Later, these contracts hit $2,745, analysts pointed out.