The joint venture operating icebreaking LNG carriers for Yamal LNG have been exempted from U.S. sanctions against COSCO tanker units, Russian natural gas producer Novatek said Tuesday.
Novatek, which operates Yamal LNG plant in northern Russia, announced it has received notification from TC LNG Shipping, the joint venture owning the Arc7 ice-class tankers, that the JV is no longer considered a “Blocked Person” under the US Department of the Treasury’s Office of Foreign Asset Control rules.
TC LNG is a 50-50 joint venture between U.S.-listed Teekay LNG and China LNG Shipping (Holdings) Limited. It owns Arc7 LNG carriers that are conducting LNG shipments for the Yamal LNG project.
The joint venture was initially considered a “blocked person” under U.S. sanctions imposed on COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co because China LNG Shipping is 50% owned by COSCO Dalian.
TC LNG Shipping currently owns four Arc7 LNG carriers with two more under constructions. The vessels are part of fleet of 15 total Arc7 vessels being built to support LNG shipping through the Arctic from the Yamal LNG plant located at the Port of Sabetta on the Yamal Peninsula.
The U.S. sanctioned the two COSCO tanker units earlier this month accusing the companies of transporting Iranian crude oil.