Russia's biggest producer of liquefied natural gas has suspended production because of the impact of sanctions, it has been reported, as the war in Ukraine started by Vladimir Putin continues to adversely impact his country's energy industry.Reuters said Novatek had stopped operations at its Arctic LNG 2 project, which processes gas from the Utrenneye field on West Siberia' Gydan Peninsula, in the latest blow to Russian fuel exports.
Russian oil installations targetedRussia is the world's fourth-largest LNG producer, with annual exports of 32.6 million metric tons. The suspension of the Novatek project will hurt the country's goal to capture a fifth of the global LNG market by 2035.It is the latest blow to Russia's energy exports, which are key to funding its war effort in Ukraine and Putin's ambitious social spending plans over the next six years.