Russian prestige project gets billion-dollar subsidies

In an effort to protect the large-scale Yamal LNG project in the Arctic against western sanctions, the project now receives USD 2.1 billion in subsidies from Russia's National Welfare Fund, according to several media.

Photo: Novatek

The Russian government has approved an application from Russian Novatek concerning subsidies for the billion-dollar Yamal LNG project in the Arctic, according to several news media, reporting that the project has been granted 150 billion rubles, corresponding to USD 2.1 billion, from the National Welfare Fund.

The Kremlin made it clear already back in September that it would work to ensure that the natural gas project, worth USD 27 billion, would not be hit by the western sanctions, which are now starting to really impact the Russian economy and many of the country's companies. The project has already secured USD 6 billion in financing, but the sanctions make it impossible for the project to land financing from western banks.

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