Monday, December 11, 2017

Vladimir Putin in Siberia

President Vladimir Putin was in Arctic Siberia on Friday to celebrate the launch of a €23 billion liquefied natural gas development that will greatly expand Russia's dominant role on global energy markets.

The plant is at the most northern point on Siberia's Jamal peninusla at the port of Sabetta.

The temperature there on Friday evening was minus 28 degrees Celsius.

Russian oil giant Novatek is behind the project, supported by the French oil company Total and the Chinese National Petroleum Company.

It is the first of three planned 5.5 million tonnes a year processing facility.

Because of Western sanctions imposed on Russia in 2014 there were fears in the country that the Jamal project would be in difficulty.

Chinese banks have filled the breach and are now supplying the bulk of the project's external financing with Russian state lenders making up the balance.

When do sanctions work, do they cause more harm than good? Cause more antagonism between parties, drive people further apart?

When a nation's pride is damaged, history shows that the genie is let out of the bottle.

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