... 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 ...
... attract investment to this country is sure to succeed. International business will enter Iranian upstream projects under any oil prices, regardless of the underdevelopment of its infrastructure or the high level of corruption. If only the specter of sanctions is not haunting Iran anymore, the pearl that is the Iranian oil and gas sector will finally reveal itself for the whole world to see.
[i]
No energy deal was signed, though the parties claimed that they touched upon energy-related issues.
... partners, and might worsen relations with the USA, China, Japan, and India.
The legislation introduced to the U.S. Congress by ten Senators calls for an almost total ban for foreign companies to participate in Russian energy projects.
Should the new sanctions be applied, both oil and gas projects will come under threat. In particular, the
China Development Bank, China Exim Bank, Japan Bank for International Cooperation, and Intesa
(Italy) might have no time to transfer the approved loans for the Yamal LNG project, while NOVATEK’s ...
... 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 the Arctic states have passed legislation securing the strategic importance of the area, primarily ...
