TOKYO -- Japan and France have stopped making new investments in a major liquefied natural gas development project in the Russian Arctic due to economic sanctions against Russia for its invasion of Ukraine, Nikkei has learned.
The freeze in financing for Arctic LNG 2, a $23 billion (2.7 trillion yen) development project, is the first known such case for a resource project in which Japanese companies hold an interest. Economic sanctions against Russia have barred financial institutions from sending the money required to finance the project.
