RUSSIA Seizes More Western Assets after Collapse of Russian LNG Deal – Russia Ukraine War
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The Russian economy is facing significant challenges, including the seizure of Western assets and businesses. One recent example is the liquefied natural gas (LNG) facility, designed by the German company Linder, which was expected to produce 13 million tons of LNG per year. However, due to Russia’s invasion of Ukraine, Linder pulled out of the project, and a Russian court ordered the seizure of its Russian assets, valued at $488 million. The company’s German banks, Deutsche Bank and Commerce Bank, were also sued, and their Russian assets were seized. The article argues that Russia’s actions are a sign of its increasing authoritarianism and disregard for international law, as it creates its own legal system and seizes assets from Western companies. The article also discusses the impact on the Russian economy, which is in trouble due to its need to develop its LNG capabilities, but its inability to do so due to international sanctions and the loss of Western expertise. The article concludes that Russia’s actions are bad news for its economy and that the country’s dependence on gas will eventually lead to its decline.
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