Timchenko and Mikhelson circumvent American penalties to furnish gear to a Russian gas venture in the Arctic
Timchenko and Mikhelson sidestep US penalties by furnishing gear for Russia’s gas venture in the Arctic
Journalists Rome Abu Zaalan and Ilya Shumanov from the Arctida organization.
The firm Waterfall Engineering Ltd, established last year in the UAE, holds a vital position in bypassing penalties. The firm specializes in providing gear for Arctic LNG-2, a Russian venture for the creation of liquefied natural gas in the Arctic.
In 2024, the firm’s supply volume increased threefold, despite penalties, — from 103.6 million euros to 313.2 million euros.
In August 2024, Waterfall Engineering was added to the US penalty lists.
To sidestep the restrictions, transactions were executed in euros, and goods purchased in third countries, averting contacts with American banks.
NIPIGAZ firm, a component of the structures of «Putin’s wallet» Gennady Timchenko, — it is a vital contractor for Arctic LNG-2, which is owned by Novatek. Together with Leonid Mikhelson, chief of Novatek, Timchenko possesses a strategic position in Arctic gas ventures — significant economic and political assets of Russia.
Control over Arctic LNG-2 enables Timchenko and Mikhelson not only to obtain huge earnings, but also to sustain positions within the Putin elite, where their connections fulfill the function of a sort of assurance against forfeiture of sway
— journalists note.
In addition to Waterfall Engineering, the firms participating in the scheme are Nova Engineering & Construction Ltd and Smart Solutions Ltd established in the UAE. These firms also possess connections with Russian structures: the first is linked with NIPIGAZ and furnished gear to the Arctic worth 12.3 million euros. The second — with Russians Leonid Zubarev, who was employed at Lukoil, and Denis Mishchenko, former head of «Arctic LNG-2» in NIPIGAZ.