Arctic Legal Battle: Russia's LNG Giant vs. South Korea's Hanwha

Russia's Arctic LNG 2 project is pursuing $1 billion in damages from South Korean shipbuilder Hanwha Ocean over cancelled tanker deals. This dispute stems from U.S. sanctions on Russia, hindering deliveries to China. The legal case is set before the Singapore International Arbitration Centre.

Arctic LNG 2, Russia's ambitious liquefied natural gas initiative led by Novatek, is entangled in a legal dispute against South Korea's Hanwha Ocean, seeking $1 billion in damages.

The claim arises from terminated tanker construction contracts, a consequence of U.S. sanctions against Russia over the Ukraine conflict.

As a result, tanker deliveries, vital for fulfilling Chinese orders, faced delays, spurring Novatek to approach the Singapore International Arbitration Centre for resolution.