Arctic LNG 2 seeks $1B damages from Hanwha Ocean over canceled tanker contracts

Arctic LNG 2, led by Novatek, is claiming about $1 billion in damages from South Korea's Hanwha Ocean over canceled ice-class tanker construction contracts, per Hanwha's disclosure. The cancellations stem from US sanctions on the project, which have stalled its export plans. This claim escalates commercial fallout from sanctions, potentially affecting Hanwha's earnings and highlighting broader risks for Russian energy projects.