Russian President Vladimir Putin launches the first natural gas liquefaction line on a gravity-type base for the Arctic LNG-2 project as he visits the Novatek-Murmansk's Offshore Superfacility Construction Center in the village of Belokamenka in the Murmansk region on July 20, 2023. (PHOTO / AFP)

MOSCOW - Russia will continue to work on the development of the Arctic LNG-2 project regardless of the latest US sanctions, Russian Foreign Ministry Spokesperson Maria Zakharova said Thursday.

The statement came following Washington's decision to impose sanctions on the flagship LNG project, as part of its most recent package of restrictions against Moscow.

"The Russian fuel and energy complex has become the main target of the Western sanctions policy, this example (the Arctic LNG-2 project) is no exception, however despite all the challenges, our companies have demonstrated that they are capable of successfully coping with obstacles," she said during a weekly briefing.

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Stressing that the development of LNG infrastructure was the country's priority in the energy sector, Zakharova said "Russia plans to increase LNG production to 100 million tons per year, and plans to invest over 6 trillion rubles ($652 billion) in the industry."

The Arctic LNG-2 project envisages the construction of three LNG production lines with an annual capacity of 6.6 million tons each.

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The $20-21 billion project is based on the hydrocarbon resources of the Utrenneye field located in the Gydan peninsula in the Arctic Yamalo-Nenets autonomous district.