Russia’s LNG development in the Arctic and subsequent exports have been a tremendous success story. Despite domestic resistance from Gazprom, the state-owned Russian gas company, the output from the Yamal LNG project grew rapidly between 2017 and 2022 from 0.3 million tons to 21 million tons. Even the European Union’s ambition of becoming independent of Russian energy, as well as the gas trade disruptions since the Russian invasion of Ukraine, have not hurt LNG exports to Europe. On the contrary, they have soared. While Russia has weathered these headwinds so far, uncertainty looms in the future for the Russian LNG industry. Although the Arctic LNG 2 project is targeting non-Western markets such as China and India, it has become the focus of recently introduced U.S. sanctions aiming to curtail further Russian LNG development.