Natural Gas Project in Russia's Arctic to be Funded by Chinese Banks

The Wall Street Journal reported that OAO Novatek’s Yamal liquified natural gas (LNG) project in Russia’s Arctic will be funded by Chinese banks.
As quoted in the publication:

China has proved more reluctant than Russian officials hoped to provide large-scale investment to soften the economic blow of Russia’s standoff with the West. But Friday, the Yamal LNG project said it had signed two loan deals with Chinese state banks in euros and yuan worth some $12 billion, enough to complete the project that is scheduled to ship its first liquefied natural gas next year.
“For the Russian leadership, it’s a political deal to demonstrate that it can work despite the sanctions regime,” said Mikhail Krutikhin, an analyst at RusEnergy consultancy in Moscow.

Click here for the full article.