Economic Conjuncture of Arctic Natural Gas in the New Geopolitical Conditions

Annotation

The special military operation (SMO) organically fits into the logic of the century-long confrontation between Russia and Britain, and later — the USA, known since the late 18th century as the “Great Game”. One of the goals of the SMO on a national scale is not only to restore Russia’s dominance in the Black Sea and the Sea of Azov, but also to counteract the achievement of such a goal by NATO countries. Russia uses various sources of funding the SMO, including oil and gas revenues of the Federal budget. Natural gas, unlike oil, is not under sanctions. There is nothing to compensate for the loss of revenues from the reduction of gas exports to Europe: practically all Russian pipelines (except for the Power of Siberia-1 with a capacity of only 38 billion m³) are oriented to the West; liquefied natural gas from the Yamal LNG and Sakhalin-2 projects is contracted for many years ahead. The EU countries have nothing to compensate for the lost volumes, except coal, but only Russian coal. Europe needs gas, Russia needs currency for the SMO, so it is necessary to find a solution to the problem. 

About authors

Sergey Yu. Kozmenko , Dr. Sci. (Econ.), Professor, Chief Researcher
fregat306@mail.ru, ORCID: https://orcid.org/0000-0002-3728-8357
Luzin Institute for Economic Studies, Federal Research Centre “Kola Science Centre of the Russian Academy of Sciences”, ul. Fersmana, 24a, Apatity, Russia

Arina S. Kozmenko, Cand. Sci. (Econ.), Researcher
kozmenko_arriva@mail.ru, ORCID: https://orcid.org/0000-0002-3623-308X
Luzin Institute for Economic Studies, Federal Research Centre “Kola Science Centre of the Russian Academy of Sciences”, ul. Fersmana, 24a, Apatity, Russia

Keywords

Great Game, anti-Russian sanctions, Arctic natural gas, major gas projects, oil and gas revenues, gas export mobility

DOI

10.37482/issn2221-2698.2023.52.44

UDC

[338.1:327](045)+622.32