As an energy commodity critical to power systems and economic growth around the world, LNG trade has always had a geopolitical angle. Recent developments include the rise of China as an importer and the rise of the US as an exporter. US LNG will play an increasingly critical role in Europe’s energy security, and over time, in Europe’s energy transition. Meanwhile, China’s pivot has been an increased focus on domestic production and Russian pipeline gas, evidenced by the recent progress of the Power of Siberia II line. With the conflict in Ukraine, will this latest twist in geopolitics trigger a cold war of the cold gold, with ideological alignment driving LNG trade flows?