Panama's Maritime Authority commenced flag cancellation procedures after US sanctions targeted the LNG carriers' Singapore-based operators over connections to Russian gas producer Novatek and sanctions evasion.
Russia's $25 billion Arctic LNG-2 project has ceased operations after failing to secure buyers for its sanctioned gas production despite offering 40% discounts.
Moscow's reckless exploitation of Arctic reserves threatens global climate targets while bankrolling its invasion of Ukraine. Yet China's growing involvement complicates Western efforts to curtail Russia's destructive expansion in the region.