... within the Arctic Council, many of its members and observers maintain sanctions pressure on Russia.
In 2014, the US and the European Union (EU) introduced restrictive measures against the Russian Federation, which are actively associated with a notion of sanctions in the foreign doctrine [
1
].
Ivan Panichkin:
Arctic Oil and Gas Resource Development: Current Situation and Prospects?
However, it should be noted that the prevailing point of view in the Russian legal doctrine is that the notions of sanctions and unilateral restrictive measures should not be confused. The ...
... is an important global energy provider.
Russia holds
6.87% of the world’s proven oil reserves and 17.4% of its proven gas reserves, and is the fourth largest carbon emitter. It is the world’s largest exporter of natural gas, and the second ... ...
Russia and Europe: New Rules of the Game
To the north, Russia recently
submitted a claim
to over 463,000 square miles of the Arctic, and its Arctic zone is expected to contain the majority of the region’s gas and a large share of its oil. With the ...
... priority for the Russian Federation, considering that the total recoverable resources on the Arctic shelf are estimated at 106 billion tonnes of oil equivalent and 70 trillion cubic metres of natural gas.
Having said that, implementing plans to develop the Arctic shelf (to reach annual production levels of 65 million tonnes of oil and 230 billion cubic metres of natural gas by 2030), which could require investments of more than $1 trillion, are significantly hampered by the economic sanctions.
Conclusion
The continental shelf plays an important role in sustaining global oil and gas production. Over the past ten years, more than two-thirds of the world’s hydrocarbon reserves have been discovered on the continental shelf.
All ...