Berlin, January 18, 2026
New analysis from Urgewald shows that a Glasgow based shipping company, Seapeak, played the single largest role in transporting liquefied natural gas from Russia’s flagship Arctic Yamal LNG project in 2025, with shipments corresponding to an estimated £2.3 billion (€2.7 billion) in revenue for the Kremlin.
That figure illustrates the scale of revenues at stake and is broadly equivalent to the estimated cost of approximately 87,000 Shahed type attack drones, based on publicly reported unit cost estimates.
Shipping and delivery data compiled by Urgewald using Kpler tracking shows that Seapeak transported 37.3 percent of all LNG cargoes exported from Yamal LNG during the period analysed. No other company carried a larger share.
Between 2024 and 2025, Seapeak’s share of Yamal LNG exports increased from 35.9 percent to 37.3 percent, even as the total volume it shipped declined slightly from 7.5 million tonnes to 7.3 million tonnes. While overall exports eased, Seapeak’s relative role in Russia’s Arctic LNG trade grew.
The findings come amid continued European demand for Russian Arctic gas. Separate analysis released last week showed that in 2025, EU imports from the Kremlin’s flagship Yamal LNG project reached an estimated €7.2 billion, underlining the scale of revenues still flowing from European markets into Russia’s war economy.
They also come as Western governments increasingly frame Arctic energy infrastructure and shipping capacity as strategic security concerns, not purely commercial assets.
Sebastian Rötters, Sanctions Campaigner at Urgewald, said:
“The British government should take action against these Arc7 ships immediately. They are the backbone of Russia’s Arctic LNG exports and should be treated as strategic assets, not civilian cargo vessels.
“There are also credible public reports that Russian security personnel, including individuals linked to the FSB, are present on some of these ships. The UK must urgently ask who is on board, what role they play, and why vessels so central to Russia’s war economy remain outside sanctions.”
Svitlana Romanko, Founder and Executive Director of Razom We Stand, said:
“As Western companies like Seapeak continue to enable Yamal LNG, they do more than transport gas. They help funnel money directly into Russia’s budget. From there, the Kremlin turns that cash into brutal weapons of war used against Ukraine, whose strong and resilient people are suffering worse than ever right now in freezing temperatures, in miserable conditions.
“Russian missile and drone attacks have plunged many Ukrainian homes into darkness and freezing cold as Russia deliberately targets power and heating infrastructure. History will remember who helped keep the pipelines of war funding open when they knew exactly what that money was buying.”
Seapeak was approached for comment by The Times and Scottish Herald on this analysis.
Notes to editors
Methodology: This analysis uses data from Kpler, a leading global provider of real time data and analytics for energy and shipping markets, to identify every LNG cargo from Yamal arriving at global ports in 2024 and 2025.
Cost comparisons to Shahed type drones are based on publicly available open source reporting and analysis, including the Center for Strategic and International Studies (CSIS) commentary Calculating the Cost Effectiveness of Russia’s Drone Strikes.
Revenue estimates: Calculated using a conservative 2025 average of €35/MWh (approx. €480/tonne), reflecting the Title Transfer Facility benchmark, the primary pricing reference for the European gas market. Energy content is based on 13.7 MWh per tonne of LNG.
Scope: Figures focus specifically on the Yamal LNG project, Russia’s primary LNG export route to Europe. Although Russia has five export terminals, the other four are currently not relevant for European imports. The Baltic Sea terminals Vysotsk and Portovaya, as well as Arctic LNG 2, are subject to sanctions. Sakhalin II, located in the Far East, supplies only China, Japan, and South Korea.
Note on currency conversion: All revenue figures were originally calculated in Euros (€). Conversions to British Pounds (£) are provided using the spot exchange rate of €1 = £0.8664, effective 13 January 2026, as provided by Morningstar.
Further background: Arc7 ice class vessels are critical to Russia’s ability to export LNG year round from the Arctic. Of the 15 Arc7 LNG carriers built specifically to serve the Yamal LNG project, 6 are operated by Seapeak, giving the company control over 40 percent of this highly specialised fleet.
The Arc 7 vessels operated by Seapeak are the following:
- Eduard Toll (IMO: 9750696)
- Georgiy Ushakov (IMO: 9750749)
- Nikolay Yevgenov (IMO: 9750725)
- Rudolf Samoylovich (IMO: 9750713)
- Vladimir Voronin (IMO: 9750737)
- Yakov Gakkel (IMO: 9750672)