A $27 billion energy project is rising rapidly on this icy peninsula jutting above the Arctic Circle, but the race to shore up its finances has emerged as a test of Moscow’s ability to weather Western sanctions. U.S. restrictions on OAO Novatek , NVTK 7.32 % the project’s Russian leader, are squeezing the massive Yamal LNG liquefied-natural-gas venture, a centerpiece of President Vladimir Putin ’s plan for Russia to reduce its heavy dependence on natural-gas customers in Europe by increasing exports to Asia and, in turn, cementing Russian ties with China. Barred by the sanctions from raising long-term dollar loans, Novatek and its foreign partners, Total SA TOT 6.12 % of France and China National Petroleum Corp., are having to seek more money from Chinese lenders than they had intended, in addition to kicking in nearly $10 billion of their own, according to company executives. But they have, […]