Chris Wright, the energy secretary, said he would push Europe to loosen environmental rules and buy more gas. Doug Burgum, the interior secretary, tied fossil fuels to a need to win the A.I. race.
Chris Wright, the energy secretary, said he would push Europe to loosen environmental rules and buy more gas. Doug Burgum, the interior secretary, tied fossil fuels to a need to win the A.I. race.
Interior Secretary Doug Burgum, left, and Energy Secretary Chris Wright at the White House in March. They are currently in Europe to press U.S. energy interests.
In 2024 alone, the LNG tanker fleet of the Glasgow-registered Seapeak Maritime lifted 7.56 million tonnes of liquefied natural gas from Russia’s Yamal Peninsula—more than a third of all cargoes the giant Arctic plant exported last year.
At prevailing gas market prices, those shipments were worth roughly £2.9 billion ($3.7 billion), generating an estimated £127 million ($163 million) in corporate income tax for the Russian state.
This is enough to buy 2,700 Shahed d
In 2024 alone, the LNG tanker fleet of the Glasgow-registered Seapeak Maritime lifted 7.56 million tonnes of liquefied natural gas from Russia’s Yamal Peninsula—more than a third of all cargoes the giant Arctic plant exported last year.
At prevailing gas market prices, those shipments were worth roughly £2.9 billion ($3.7 billion), generating an estimated £127 million ($163 million) in corporate income tax for the Russian state.
This isenough to buy 2,700 Shahed drones or 45 Iskander missiles for use against Ukrainian cities.
A closer look at Seapeak shows a multinational war profiteering scheme with the involvement of seemingly incompatible partners: Canada, the UK, the US, and China. The governments of the first two constituencies have the killswitch in their hands, and they can close down the scheme if they want to walk the talks on supporting Ukraine and confront the Russo-Chinese dirty energy sprawl in the Arctic.
A loophole big enough for an icebreaker
Seapeak’s seven Arc-7 ice-class carriers, managed from an ordinary office block in Glasgow, Scotland, shuttle Russian LNG from the port of Sabetta through the Barents and Norwegian Seas to EU terminals such as Zeebrugge, Bilbao, and Montoir. Their cargoes are then off-sold under long-term contracts to buyers including France’s Total Energies, Germany’s SEFE, and Spain’s Naturgy, quietly feeding European gas grids even as Brussels vows to wean itself off Kremlin energy and London claims to be “clean on gas”.
The Russian LNG trade lays bare a giant blind spot in Western sanctions.
The UK banned direct imports of Russian LNG from 1 January 2023, yet it still allows British-managed or British-insured vessels to haul Putin’s gas for third parties and continues to buy gas from TotalEnergies, Novatek’s key partner in the LNG export business. Worse, Seapeak’s ships have been linked to the presence of Russian FSB special service operatives on board—an obvious counter-intelligence threat for NATO states whose ports they frequent.
The six Arc-7 icebreaking LNG carriers managed by Seapeak Maritime – Eduard Toll, Rudolf Samoylovich, Vladimir Voronin, Nikolay Urvantsev, Georgiy Ushakov, and Yakov Gakkel – operate year-round and export millions of tons of Russian gas from the Sabbeta port at the Yamal peninsula.
Based on average prices for Russian LNG during 2024, the estimated value of the LNG deliveries carried by these vessels in 2024 was around £2.9bn (€3.44bn / $3.72bn), which represents a significant portion of the Yamal LNG total revenue. The LNG volumes carried by the Seapeak fleet directly generated revenue for the Yamal LNG plant, which is located in and operates in Russia, and is subject to taxation under the Russian tax code.
What is Seapeak — and who owns it?
Until early 2022, the company traded LNG at global markets as Teekay LNG Partners, part of the Canadian-founded Teekay Group headquartered in Vancouver. That January, New York private-equity house Stonepeak Infrastructure Partners bought it for US $6.2 billion and re-branded it Seapeak LLC. The Glasgow subsidiary, Seapeak Maritime Ltd, manages the Yamal LNG fleet and books revenue in Britain’s financial system.
When we look into the ownership of the Arc7 tanker fleet, the vessels themselves, things get even more complicated. Seapeak LLC co‑owns the six Arc‑7 LNG carriers in a joint venture with China LNG Shipping Holdings Limited – TC LNG Shipping LLC, which is a Marshall Islands entity established in April 2014. China LNG Shipping Holdings Limited is a major Chinese LNG shipping company incorporated by a consortium of COSCO Shipping Energy Transportation Co., Ltd. and China Merchants Energy Shipping Co. Ltd., which collectively belong to China’s State-owned Assets Supervision and Administration Commission of the State Council.
In other words, Canadian investors and China’s communist party teamed up to build the LNG fleet driving Russia’s global gas expansion.
Then, in early 2022, US-based investment firm Stonepeak took over the business.
Stonepeak’s investors include North American pension funds and Canadian public-sector institutions; the parent company itself remains registered in Bermuda offshore. This opaque structure means profits extracted from Yamal transit flow through a thicket of tax havens before re-emerging as dividends for western investors, all while Ukraine picks through the increasingly dense, deadly showers of missile and drone attacksmade possible by Russian tax receipts.
National security, not business as usual
If the United Kingdom is serious about enforcing its sanctions regime, leaving Seapeak to continue uninterrupted business with Russians and Chinese is no longer tenable. Westminster already has precedent: it has sanctioned entire fleets of Russian-controlled oil tankers and pledged to lead the fight to dismantle Moscow’s “shadow fleet”. Extending that approach to vessels that facilitate Russian LNG exports is a logical next step — yet action against the management entity itself would be swifter and more comprehensive.
Nationalising Seapeak’s tankers under UK emergency powers would freeze Kremlin revenues and let authorities redeploy, idle, or sell the Arc-7 LNG fleet in line with allied priorities.
Canada, too, has skin in the game. Teekay’s historical ties to Vancouver mean Ottawa retains leverage via the Special Economic Measures Act. By taking control of Seapeak’s Canadian holdings, Canada can ensure its pension funds are not, however indirectly, bankrolling Russian aggression. A joint UK-Canadian move would also close the insurance loophole: once the ships are state-controlled, renewals with London P&I clubs could be halted overnight.
The Kremlin’s Trojan horse
Corporate ownership is only part of the story. Glasgow is today home to a vibrant Ukrainian diasporic community; yet the city’s largest shipping firm remains an unwitting enabler of the Kremlin’s Arctic ambitions. The profits Seapeak generates upstream help Russia’s gas giant Novatek—half-owned by Putin loyalist Leonid Mikhelson—expand LNG mega-projects whose carbon footprint outstrips several EU member states combined. Downstream, those same profits support Russia’s vast propaganda ecosystem and its espionage networks inside Europe’s ports.
Journalist investigations showed that Novatek has been directly implicated in supporting Russia’s military actions in Ukraine by recruiting mercenaries through its private security company, Saturn-1.
Staff from Novatek’s security divisions, including Bastion, were sent to the front lines and paid via the Muzhestvo Foundation—a fund largely financed by Novatek.
Therefore, Russia’s leading LNG exporter’s role in the war of aggression extends beyond finance to direct participation on the battlefield.
A call to act—now
Pulling the killswitch—nationalizing Seapeak’s Arc7 vessels (which has precedent with Germany’s action in 2022 against Gazprom Germany)—would not be a hostile act against free enterprise; it would be a wartime necessity on a par with the seizure of oligarch superyachts and cutting schemes that fund war crimes. It would deprive Russia of hundreds of millions in tax revenue, shut down a strategic export route through the Arctic’s melting ice, prevent further Russo-Chinese expansion in the Arctic, and send an unmistakable signal that allied democracies will choke off every last revenue vein feeding Putin’s war machine.
The alternative—allowing a Canadian-heritage company owned by Wall Street financiers to keep moving Arctic gas for the benefit of Russian warmongers and Chinese crooks, while Ukrainian civilians count the cost—should shame every lawmaker in Westminster and Ottawa.
Britain and Canada helped design today’s sanctions architecture; they must now wield it without fear or favour.
Each cargo Seapeak lifts from Sabetta is another cheque signed over to the Kremlin. The governments of the UK and Canada must investigate Stonepeak’s entanglements with Russia and China. While the EU is taking the course to wean itself from dependency on Russian LNG, it’s about time to nationalise the fleet that is carrying it. This could prove that when Ukraine asks its friends and allies to close a loophole measured in megatonnes of Russian gas and billions of dollars, they will answer with deeds, not declarations.
Oleh Savitskyi is a world-class climate and energy policy expert. Oleh has ten years of experience in the field – from youth climate activism to consulting the Ministry of Environment of Ukraine to managing international advocacy campaigns at Razom We Stand. Oleh is a fellow of the Michael Succow Nature Conservation Fund and an alumnus of the Agora Energiewende EnerTracks training program for energy transition professionals.
Editor’s note. The opinions expressed in our Opinion section belong to their authors. Euromaidan Press’ editorial team may or may not share them.
A strike at the heart of Russia’s gas empire! Ukrainian forces hit a gas processing complex in Russia’s Ust-Luga, Leningrad Oblast, a strategic facility of the aggressor country in the Baltic region, according to Armiia TV.
Sources in intelligence services say the operation was conducted jointly by the Security Service of Ukraine and Special Operations Forces. Eyewitness videos on social media confirm the attack, showing a massive explosion and a large-scale fire.
Target and consequences
A strike at the heart of Russia’s gas empire! Ukrainian forces hit a gas processing complex in Russia’s Ust-Luga, Leningrad Oblast, a strategic facility of the aggressor country in the Baltic region, according to Armiia TV.
Sources in intelligence services say the operation was conducted jointly by the Security Service of Ukraine and Special Operations Forces. Eyewitness videos on social media confirm the attack, showing a massive explosion and a large-scale fire.
Target and consequences of the strike
“Ukrainian drones struck the gas processing complex of Novatek, the largest liquefied gas producer in Russia. The hit targeted the cryogenic fractionation unit for gas condensate/gas, which is the ‘heart’ of the facility’s technological processes,” the sources say.
“Ust-Luga is Russia’s largest maritime hub in the Baltic. Shadow fleet, sanctioned oil — everything passes through there,” Lieutenant Andrii Kovalenko, head of the Center for Countering Disinformation at the National Security and Defense Council, stated.
Thanks to precise drone strikes, the operation disrupted the work of a key Russian logistics hub supplying liquefied gas and oil to external markets.
Ukraine's state energy giant Naftogaz has commissioned a new exploration well producing 383,000 cubic meters of natural gas per day through its subsidiary Ukrgazvydobuvannya, CEO Sergii Koretskyi announced on July 8.The 5.7-kilometer deviated well was drilled and commissioned six weeks ahead of schedule as Ukraine works to boost domestic production amid Russian attacks on its energy infrastructure, including gas storage facilities in western Ukraine."This is a significant achievement, given the
Ukraine's state energy giant Naftogaz has commissioned a new exploration well producing 383,000 cubic meters of natural gas per day through its subsidiary Ukrgazvydobuvannya, CEO Sergii Koretskyi announced on July 8.
The 5.7-kilometer deviated well was drilled and commissioned six weeks ahead of schedule as Ukraine works to boost domestic production amid Russian attacks on its energy infrastructure, including gas storage facilities in western Ukraine.
"This is a significant achievement, given the country's need for gas," Koretskyi said.
Naftogaz produces the lion's share of Ukrainian gas, but its production facilities were severely damaged in a series of Russian missile strikes earlier this year, reducing production by as much as 40%.
According to data from Naftogaz, Ukrgazvydobuvannya lost about 50% of its production due to shelling.
Ukrgazvydobuvannya managed to increase commercial gas production to 13.9 billion cubic meters (bcm) in 2024 compared to 13.2 bcm in 2023, commissioning 83 new wells despite wartime conditions.
Ukraine previously produced 52 million cubic meters daily before Russia's full-scale invasion, but required 110-140 million cubic meters during winter months, covering the shortfall from underground storage.
To secure winter supplies, Naftogaz has signed four contracts with Poland's Orlen for delivery of 440 million cubic meters of U.S. liquefied natural gas. The latest agreement, announced July 2, covers an additional 140 million cubic meters.
According to Bloomberg estimates, in 2025 Ukraine may import a record 5 billion cubic meters of gas from Europe.
Ukraine's gas storage situation has also deteriorated significantly, with underground reserves falling to 6.02 bcm as of May 11 — the lowest level in at least 11 years.
The facilities are operating at just 19.4% capacity, with 2.79 billion cubic meters less gas available than the previous year.
Russian authorities are planning to begin gas extraction from the Sea of Azov, citing Soviet-era geological data and identifying 22 potential offshore fields, including several located near the occupied Ukrainian city of Berdiansk, Ukrainian officials told Suspilne on July 1.According to the Berdiansk Municipal Military Administration, Russia's Federal Subsoil Resources Agency (Rosnedra) has announced plans to explore and possibly develop gas fields such as the Morske, Pivnichno-Kazantypske, and
Russian authorities are planning to begin gas extraction from the Sea of Azov, citing Soviet-era geological data and identifying 22 potential offshore fields, including several located near the occupied Ukrainian city of Berdiansk, Ukrainian officials told Suspilne on July 1.
According to the Berdiansk Municipal Military Administration, Russia's Federal Subsoil Resources Agency (Rosnedra) has announced plans to explore and possibly develop gas fields such as the Morske, Pivnichno-Kazantypske, and Skhidno-Kazantypske deposits.
"(Russia) has declared commercial reserves of gas in the Sea of Azov, referring to Soviet archives listing 22 oil and gas structures," Ksenia Kleshchenko, acting head of communications for the Berdiansk administration, told Suspilne.
"These include the Morske field, discovered in 1977 (and still under conservation). It is necessary to conduct further exploration and pilot operation."
Kleshchenko noted that the Pivnichno-Kazantypske and Skhidno-Kazantypske fields were discovered in the late 1990s and early 2000s during Ukraine's independence, but have not been developed. Ukrainian company Chornomornaftogaz had conducted surveys at the Pivnichno-Kazantypske and Strilkove sites before Russia annexed Crimea in 2014 and seized Ukrainian offshore assets.
Ukrainian authorities say the Kremlin's interest in mineral resources may have partially motivated the occupation of southern Zaporizhzhia Oblast, including Berdiansk.
Ukraine's Zaporizhzhia Oblast (Nizar al-Rifai/The Kyiv Independent)
"All of the (Russia's) 'plans' are focused on enriching themselves and the Russian Federation, but not on the welfare of the citizens of the occupied territories," the Berdiansk administration said in a statement. "While residents of Berdiansk face constant water and electricity outages, (Russian authorities) are laying grand schemes to exploit the region’s resources."
The administration also warned of potential environmental consequences. Due to the shallow average depth of the Sea of Azov, around 14 meters (about 46 feet), any extraction could cause serious ecological damage. The exploratory work is reportedly planned for 2026–2030.
Russia's interest in resource-rich territories extends beyond the Sea of Azov. In June, Russian forces took control of a major lithium deposit near the village of Shevchenko in Donetsk Oblast, one of Ukraine's most valuable sites for the mineral used in electric vehicle batteries.
Ukraine has now lost two of its four known lithium deposits to Russian occupation, including the Kruta Balka deposit in Zaporizhzhia. According to the Kyiv School of Economics, Ukraine holds about one-third of the European Union's lithium reserves.
Russia is making another attempt to expand its exports of liquefied natural gas (LNG) after U.S. sanctions disrupted production at its flagship Arctic LNG 2 plant, Bloomberg reported on June 28. Arctic LNG 2, owned by the Russian company Novatek, was envisaged as Russia's largest LNG plant and aimed to produce almost 20 million metric tons of LNG per year. The U.S. State Department targeted the Arctic LNG 2 project with sanctions in 2024. An LNG vessel has reportedly docked at the Arctic LNG 2 f
Russia is making another attempt to expand its exports of liquefied natural gas (LNG) after U.S. sanctions disrupted production at its flagship Arctic LNG 2 plant, Bloomberg reported on June 28.
Arctic LNG 2, owned by the Russian company Novatek, was envisaged as Russia's largest LNG plant and aimed to produce almost 20 million metric tons of LNG per year. The U.S. State Department targeted the Arctic LNG 2 project with sanctions in 2024.
An LNG vessel has reportedly docked at the Arctic LNG 2 facility for the first time since October, according to ship-tracking data and satellite images analyzed by Bloomberg. Data suggests that at least 13 vessels of Russia's "shadow fleet" have been assembled to potentially serve Arctic LNG 2.
These include four ice-class vessels, including the one currently docked at Arctic LNG 2. Three others are idling in the Barents Sea, along with three traditional LNG vessels. Two more vessels are being repaired in China and another two are idled in the Gulf of Finland. One ship is located near a floating storage facility in Russia's Far East.
While pipeline shipments of Russian gas to Europe have declined sharply since the full-scale invasion of Ukraine, Russia's shadow fleet — a group of aging oil tankers used to circumvent global sanctions — continues to grow.
Moscow now has more vessels at its disposal than it did last year, according to Malte Humpert, founder of the Arctic Institute think tank.
"If (Russia) can find buyers, this small fleet should be sufficient to lift cargoes," Humpert told Bloomberg.
Finding buyers may present a difficulty, due to wariness about sanctions violations. Former U.S. President Joe Biden sanctioned ships and companies connected with exports from Arctic LNG 2 in 2024, thought it is not yet clear if U.S. President Donald Trump will enforce sanctions as strictly.
Representatives of Arctic LNG 2 have continued to search for buyers in China and India, but have not yet made any sales, traders familiar with the matter told Bloomberg.
Arctic LNG 2 cut production from its gas fields to almost zero in November 2024, after halting liquefaction the previous month due to Western sanctions. The U.S. sanctioned two vessels and two entities connected to Arctic LNG 2 in September 2024, after previously targeting the project in a sweeping round of sanctions late August.
The August sanctions likely forced Novatek to scale back its operations at the facility. Novatek itself was sanctioned after the outbreak of the full-scale war in 2022.
Around 50% of Americans support sanctions against countries that purchase Russian oil and gas, according to the results of a YouGov poll published on June 27. A bipartisan sanctions bill in the U.S. Senate aims to slap 500% tariffs on imports from countries that continue to purchase Russian energy products. U.S. President Donald Trump has not backed the measure and a vote on the bill has reportedly been postponed. In a YouGov survey of adult U.S. citizens conducted June 12-16, 24% said they "str
Around 50% of Americans support sanctions against countries that purchase Russian oil and gas, according to the results of a YouGov poll published on June 27.
A bipartisan sanctions bill in the U.S. Senate aims to slap 500% tariffs on imports from countries that continue to purchase Russian energy products. U.S. President Donald Trump has not backed the measure and a vote on the bill has reportedly been postponed.
In a YouGov survey of adult U.S. citizens conducted June 12-16, 24% said they "strongly support" sanctioning Russian energy buyers while 25% said they "somewhat support" secondary sanctions against these countries.
Like the Senate bill, support for secondary sanctions among respondents was bipartisan. Of "strong supporters," 26% indentified as Democrats while 27% were Republicans.
More Republicans than Democrats said they favored the specific 500% tariff penalty proposed by legislators. While 29% of respondents who "strongly supported" the measure were Democrats, 41% were Republicans. Only 32% of survey respondents overall said they supported the 500% tariff.
The 500% tariff has been championed by Republican Senator Lindsey Graham, a Trump ally and co-author of the sanctions bill alongside Democrat Richard Blumenthal. Along with tariffs on countries purchasing Russian oil, the bill would also slap "bone-crushing" new sanctions against Russia, according to Graham.
A majority of Americans support increasing or maintaining U.S. sanctions against Russia, the survey found. Here the division along party lines is stark, with 59% of those in favor of increasing sanctions on Moscow identifying as Democrats and only 37% identifying as Republicans.
The poll also showed that about 50% of Americans oppose cutting military aid to Ukraine. According to YouGov, 26% of U.S. adults are in favor of increasing military aid while 23% believe Washington should maintain its current levels of support.
The results illustrate the contrast between the prevailing views of the American public and the policies of the Trump administration. Trump has repeatedly undercut the Senate sanctions bill, requesting delays to the vote and calling on lawmakers to weaken the proposed measures.
While Trump has at times threatened to impose new sanctions on Russia, he has never followed through on any of those threats and consistently shoots down domestic and international appeals to get tough on Moscow. At the recent G7 Summit in Canada, Trump reportedly insisted that sanctions would be at odds with U.S. business interests.
U.S. Defense Secretary Pete Hegseth also announced earlier this month that Washington will cut military aid to Ukraine in its upcoming defense budget.
Iran has partially suspended production at the South Pars gas field — the world’s largest — after an Israeli airstrike triggered a fire at the site, the semi-official Tasnim news agency reported on June 14, according to Reuters. If confirmed, it would mark the first Israeli strike targeting Iran’s vital oil and gas infrastructure.The South Pars field, located offshore in southern Bushehr province, is responsible for the bulk of Iran’s gas output. Tehran shares the field with Qatar, which refers
Iran has partially suspended production at the South Pars gas field — the world’s largest — after an Israeli airstrike triggered a fire at the site, the semi-official Tasnim news agency reported on June 14, according to Reuters. If confirmed, it would mark the first Israeli strike targeting Iran’s vital oil and gas infrastructure.
The South Pars field, located offshore in southern Bushehr province, is responsible for the bulk of Iran’s gas output. Tehran shares the field with Qatar, which refers to its portion as the North Field. A strike on South Pars represents a significant escalation, coming after oil prices surged 9% on June 13 following Israel’s initial wave of attacks, which had not targeted energy infrastructure, Reuters reports.
Israel launched its air offensive against Iran on June 13, killing commanders and scientists and bombing nuclear sites, in what it described as an effort to prevent Tehran from developing nuclear weapons.
The Iranian oil ministry said the fire caused by the strike has been extinguished. According to Tasnim, the fire broke out in one of four units of Phase 14 at South Pars, halting the production of 12 million cubic meters of gas.
Iran, the world’s third-largest gas producer after the United States and Russia, produces around 275 billion cubic meters of gas per year, about 6.5% of global output.
Due to international sanctions, the country consumes most of this domestically. Qatar, which operates the majority of the shared field with support from global firms such as Exxon and Shell, produces 77 million tonnes of liquefied natural gas annually, supplying both European and Asian markets.
Connexion
