Russia tempts energy-starved South Asia with 40% discounts on US-sanctioned LNG

Russia is seeking to leverage a global natural gas supply crunch to lure energy-starved South Asia into purchasing shipments from its US-sanctioned facilities, according to…

Russia is seeking to leverage a global natural gas supply crunch to lure energy-starved South Asia into purchasing shipments from its US-sanctioned facilities, according to people familiar with the matter.

The shipments were being offered at a 40 per cent discount to spot prices last week via little-known intermediary companies based in China and Russia, said the people, who asked not to be named as they were not authorised to speak to the media.

The sellers said that they could provide paperwork to make it appear that the shipments originated from non-Russian sources, like Oman or Nigeria, the people said.

It could not be confirmed whether any of the shipments were bought.

QatarEnergy’s operating facilities in Ras Laffan Industrial City, shown here on March 2, have been targeted by Iranian strikes. Photo: AFP

The effective closure of the Strait of Hormuz – and attacks on the world’s largest LNG export plant in Qatar – has throttled about a fifth of global supply, upending the gas market and lifting prices. Shipments from Qatar have come to a standstill, forcing customers in Bangladesh and India to look for more expensive alternatives.

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