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Inside Putin’s $135 Billion Arctic Gamble That Could Save His Ukraine War
oilprice.com · September 16, 2026 · Week 2026-38
Summary
Russia has launched its massive $135 billion Vostok Oil project in the Arctic, aiming to establish a new oil and gas province. The project is strategically tied to the Northern Sea Route (NSR) to expedite oil and LNG exports to Asia, particularly China, representing a significant geopolitical and economic maneuver for Moscow in the context of the Ukraine war.
Strategic Implication
The development of Russia's Arctic oil via the Northern Sea Route creates a major new supply stream aimed at Asia, directly competing with and potentially displacing crude barrels from GCC producers in their core market.