Thread by @BlangerRick

WHO SAID SANCTIONS DON'T WORK?

1/6 Russia has been exporting gas in LNG form from the LNG2 facility in the arctic. However it’s run into problems, and this week NOVTEK who operate the plant has issued ‘force majeure’ notices to customers saying they can't deliver

2/6 on their contracts.
One of the main reasons is the shortage of ice breakers to get the LNG ships - already hard to come by due to global demand, in and out of the port. Three were under construction but the owners SOVCOMFLOT, who operate Russian owned oil tankers,

3/6 are in such dire financial straits from sanctions, they stopped construction and can’t deliver. With SOVCOMFLOT tankers facing tough sanctions on shipping oil and even getting it paid for if they do deliver it, its owners are in a panic.

4/6 India and others have been forced to decline SOVCOMFLOT shipped oil. The sanctions on payments, the sanctions on oil price capping and insurance, and the need to verify everything down to the last comma in every customs document, has led to tankers wandering the seas and

5/6 sitting offshore with full cargos and nowhere to go. The other problems are that the LNG facilities themselves are stuck - they can’t expand them, due to sanctions, they can’t maintain them because of sanctions. They can’t ship from them, or get paid for them because of

6/6 ... sanctions!
Who said sanctions don’t work? Because the net loss to the Russian economy is over $100 billion.

Just another screw in the coffin of Putins ambitions.