What is the amount and basis of Arctic LNG 2's claim against Hanwha Ocean?

Arctic LNG 2 has filed a claim for 1.37 trillion won (approximately $1.02 billion) with the Singapore International Arbitration Centre over the termination of a shipbuilding contract, as disclosed by Hanwha Ocean on September 3.

Why were the tanker construction contracts with Hanwha Ocean cancelled?

The three tankers ordered by Russia's Sovcomflot were cancelled due to U.S. sanctions imposed on Russia over its actions in Ukraine, which complicated Arctic LNG 2's operations and led to the termination of the related shipbuilding contracts.

Russia's Arctic LNG 2 Seeks $1 Billion Damages from South Korea's Hanwha

Sep 8, 2026

Russia's Novatek-led Arctic LNG 2 project is seeking $1 billion in damages from Hanwha Ocean over cancelled tanker contracts amid U.S. sanctions. The dispute concerns six Arc7 tankers intended for the major liquefied natural gas facility.

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