Nord Stream 2 operator estimates losses from new US sanctions

Extended US sanctions against the Nord Stream 2 gas pipeline from Russia to Germany will affect 120 companies from 12 European countries and block 700 million euros of new investments, TASS quotes a statement from the project operator, Nord Stream 2 AG.

In addition, the sanctions put at risk some 12 billion euros of investment in the EU energy infrastructure, including 8 billion euros for the pipeline itself.

“These sanctions seem to be designed to increase the supply of more expensive American LNG to Europe by destroying a potential competitor. In fact, without the Nord Stream 2 gas pipeline, European industrial and private consumers will be forced to pay billions more annually for this key energy resource.

Gerhard Schroeder, ex-Chancellor of the Federal Republic of Germany, now chairman of the Nord Stream shareholders' committee, stated the same at the hearings in the Bundestag.

• ) sanctions New PEESA ( Protecting Europe's Energy Security Clarification Act are included in the draft US defense budget. They include sanctions against individuals and shareholders of companies that contribute to the laying of the gas pipeline, including the maintenance of pipe-laying vessels. The authors of the bill believe that the gas pipeline undermines the energy security of the EU and Ukraine.

• After the first package of sanctions against Nord Stream 2 at the end of 2019, which included sanctions against the companies that built the pipe, the Swiss Allseas suspended work and recalled the vessels. About 160 km of the gas pipeline remains to be completed.

• "Gazprom" decided to complete the pipe on its own and overtook the only Russian ship "Akademik Chersky" capable of doing this in the Baltic Sea. However, the start of work may be delayed due to cod spawning.

• Opposition to US sanctions is strong in Germany: we can talk about real retaliatory measures from the EU, including sanctions against the US.

• We wrote about the Nord Stream project and its European partners here .