US Sanctions Novatek’s Major Arctic LNG 2 Project in Russia (2)

The US imposed sanctions on Novatek PJSC’s Arctic LNG 2 project, a crucial part of Russia’s goal to more than triple its liquefied natural gas production by the end of the decade.

The Treasury Department announced the measure Thursday as part of a new package of restrictions targeting firms in multiple countries. The project, led by Russia’s biggest LNG producer, is set to start production this year.

The Utrenneye field, the resource base for Novatek’s Arctic LNG 2 project, in the Gydan Peninsula.

Photographer: Natalia Kolesnikova/AFP/Getty Images

Russian LNG hasn’t been subject to sanctions since the Kremlin unleashed its war in Ukraine last year. In fact, Europe’s imports of the fuel from another Novatek-led plant in the ...