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Novatek hopes to tough out Ukraine related sanctions

Russia’s largest independent gas producer still has bold plans for expansion

Novatek, the most active independent Russian energy company, is confident Ukraine-related US sanctions on key shareholder Gennady Timchenko will not have a significant impact on its projects in Russia, which include the Yamal liquefied natural gas (LNG) development. Novatek, Russia’s second largest gas producer after state-controlled Gazprom, is not directly subject to sanctions. But it has not been left unscathed by those on Timchenko, a close ally of Russian president Vladimir Putin, who owns 23% of the company through his Volga Resources vehicle (it received sanctions of its own in late April, too). In March, the US export credit agency, Ex-Im Bank suspended its consideration of backing f

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