Dmitry Magonya commented on the initiative of the Japan Bank for International Cooperation (JBIC) to provide funding for Yamal LNG

The Japan Bank for International Cooperation (JBIC) will provide USD 400 million to finance the Yamal LNG project. The JBIC plans to sign a memorandum of understanding for a strategic partnership with Novatek, which owns 50.1 percent of the project. Total and CNPC each have 20.0 percent, and the Silk Road Fund has the remaining 9.9% percent.

Dmitry Magonya, the managing partner of the ART DE LEX law firm, said that Japanese sectoral sanctions do not apply to any deep-sea mining or extraction on the shelf, even though they do apply in the case of the US, EU, and others. Individual Japanese sanctions do not apply to enterprises in the fuel and energy complex. Dmitry Magonya clarified that nothing formally prevents funding for Yamal LNG. In his opinion, this will mean that the sanctions imposed on Russia will become weaker.