China thinks big in backing Russian Arctic LNG project

TOKYO -- Russia has commenced shipments of liquefied natural gas from the Arctic as part of one of the world's largest LNG development projects, and it owes China a big "thank you."

The Yamal Peninsula LNG project in northwestern Siberia is a $27 billion endeavor. After the West enacted economic sanctions against Russia over its annexation of Crimea, it was China that stepped up to provide vital funding, acquiring a roughly 30% interest in return.