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06Apr22

Russia adopts law on ruble settlements at Arctic LNG projects for foreign companies

The Russian State Duma at a meeting on Wednesday adopted a law on settlements in rubles in seaports for foreign companies for services for loading, unloading, as well as storing liquefied natural gas (LNG) at transshipment complexes, produced in the Russian Arctic zone.

It was noted that prices can be set in foreign currency, but payments will be made only in rubles. Such measure is necessary to reduce the risks in implementing LNG projects associated with volatility in the foreign exchange markets, according to explanatory materials.

The law is aimed at eliminating the risks of non-fulfillment of obligations to build LNG transshipment complexes as seaport infrastructure facilities by private investors. The document is intended to contribute to the development of liquefied natural gas production in the Arctic zone of the Russian Federation.

[Source: Tass, Moscow, 06Apr22]
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