Conclusion 147

By contrast, China’s investment in the Russian Arctic has expanded significantly since 2014, when Western sanctions were first imposed on parts of the Russian oil and gas sector. China is the leading foreign investor in the development of major hydrocarbon projects in Russia’s Arctic. In January 2014, CNODC, a subsidiary of the China National Petroleum Corporation, became a 20% stakeholder in Yamal LNG, a giant gas field in northwest Siberia. 169 In 2019, China’s CNOOC and CNODC each acquired a 10% stake in Arctic LNG 2 on the Gyda peninsula in Siberia. For the moment, Western sanctions have led the companies to suspend their involvement in the project. Nevertheless, many witnesses expected Russia’s economic isolation from the West to lead to greater Chinese involvement in the Arctic in the future. Prof Dodds also noted that it was likely there would be greater investment in the development of Russia’s Arctic energy resources by countries from the Middle East, including Saudi Arabia, Turkey and the United Arab Emirates. 170 The importance of the Sino-Russian relationship