Russia updates its long-term energy development plan

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　　According to the latest long-term development strategy plan for the energy sector updated by the Russian government, LNG production is expected to reach 90 million to 105 million tons by 2030, and 110 million to 130 million tons by 2036. Russian Deputy Prime Minister Novak said that due to Western sanctions on Russia’s energy sector, the goal of achieving an annual LNG production volume of 100 million tons will be delayed by several years compared to the previously announced plan. It will be delayed by “several years” compared to the plan. 　　Russia currently accounts for 8% of the global LNG market share. The country plans to raise this share to 20% between 2030 and 2035, but Western sanctions are hindering the achievement of this goal; the Arctic LNG-2 project has also become a target of these sanctions. 　　In 2024, Russia’s LNG production increased by 5.4% on a year-on-year basis, reaching 34.7 million tons, which was below the expected level of 35.2 million tons. 　　The EU will completely stop importing Russian LNG starting from January 1, 2027. The Arctic LNG-2 project came online in December 2023, but the first shipment to traders was not delivered until August 2025.