President Vladimir Putin’s latest decree to stop sales of Russian energy assets, leaves the status and progress of Russia’s liquefied natural gas (LNG) projects in disarray. 

The decree takes full control of the 9.6 mmt/y Sakhalin-2 project in Russia’s far east. Shell plc has already said it plans to divest its 27.5% stake in the project, but Putin’s move could ultimately force out two Japanese investors. 

The foreign partners in the 9.6 million metric tons/year Sakhalin-2 project, which also include Mitsui & Co. Ltd. (12.5%) and Mitsubishi Corp. (10%), must reapply to retain their stakes in a newly formed company, Gazprom Sakhalin Holdings by a Sept. 4 deadline. Gazprom PJSC holds a 50% plus-one-share stake in Sakhalin Energy Investment Co. Ltd. which has been transferred...