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Novatek, Russia's largest LNG producer, reported a 60% profit decline in 2025, attributing it to non-cash items of $3.9 billion. Profit for shareholders fell to $2.37 billion from $6.38 billion in 2024.

The company noted that its Arctic LNG 2 project began regular exports to China, despite sanctions from the US, EU, and UK. Trade has continued using the Suez Canal due to harsh Arctic conditions limiting access to the Northern Sea Route. Russia maintains active LNG trade with China, aided by two ice-class vessels.