Russian President Vladimir Putin launches the first natural gas liquefaction line on a gravity-type base for the Arctic LNG-2 project as he visits the Novatek-Murmansk's Offshore Superfacility Construction Center in the village of Belokamenka in the Murmansk region on July 20, 2023. (PHOTO / AFP)

MOSCOW — US sanctions targeting Russia's massive Arctic LNG 2 project are unacceptable and undermine global energy security, the Russian foreign ministry's spokeswoman said on Wednesday.

The project, located in the Gydan Peninsula in the Arctic, is a key element in Russia's efforts to boost its share of the global liquefied natural gas (LNG) market to a fifth by 2030-2035 from 8 percent now.

Russia consider such actions unacceptable, especially in relation to such large international commercial projects as Arctic LNG 2, which affect the energy balance of many states

Western countries have imposed wide-ranging sanctions against Russian firms and individuals following the Ukraine crisis that started in Feb 2022.

READ MORE: Russia lambasts 'unacceptable' US claims in Arctic region

Last month, Washington announced sanctions against Arctic LNG 2.

"We consider such actions unacceptable, especially in relation to such large international commercial projects as Arctic LNG 2, which affect the energy balance of many states," spokeswoman Maria Zakharova told a weekly briefing.

"The situation around Arctic LNG 2 once again confirms the destructive role for global economic security played by Washington, which speaks of the need to maintain this security but in fact, by pursuing its own selfish interests, tries to oust competitors and destroy global energy security."

Russia is the fourth-largest producer of sea-borne liquefied natural gas behind the United States, Qatar and Australia.

READ MORE: Russia to continue Arctic LNG-2 project despite US sanctions

The daily Kommersant reported on Monday that foreign shareholders had suspended participation in the Arctic LNG 2 project due to the sanctions, renouncing their responsibilities for financing and for offtake contracts for the new plant.