Russia's giant LNG prestige project, Yamal, worth USD 27 billion, needs to be protected from the EU and US sanctions currently placed on Russia, says president Vladimir Putin, who seems prepared to locate financing elsewhere if western banks and suppliers are unable to participate in the project. Several other Russian projects have already been hurt by the sanctions, according to Reuters.
One reason for the massive need for capital is the fact that Yamal is located so far north that the project requires specialized equipment, often manufactured in the west.
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