Wednesday, February 8, 2023

Russian Gazprom says Nord Stream 2 is under threat after US sanctions | Business and economic news

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Russian energy giant Gazprom said on Tuesday that there is a risk that its submarine Nord Stream 2 gas pipeline to Germany will be suspended or canceled after the United States sanctions a Russian vessel involved in its construction.

Russian state gas company Gazprom has acknowledged that there is a risk that its submarine pipeline to Germany will be suspended or canceled after the United States on Tuesday imposed sanctions on a Russian vessel involved in its construction.

Germany’s Economy Ministry said it had been informed in advance of new US sanctions against Russian piping ship Fortuna and its owner. “We take note of this announcement with regret,” the ministry said.

The United States has said the $ 11 billion Nord Stream 2 pipeline will make Europe more dependent on Russian gas and undermine European energy security. The Kremlin responded by accusing the US government of trying to promote sales of its own liquefied natural gas.

In a memorandum to investors linked to a debt problem, Gazprom noted political risks for Nord Stream 2. The company acknowledged that it could make “the implementation of the project impossible or impracticable and result in its suspension or cancellation. According to the newspaper TASS news agency.

Speaking Tuesday, Kremlin spokesman Dmitry Peskov lamented what he called “crass and illegitimate American pressure”.

“We are monitoring the situation closely and analyzing it as we continue to work to finalize the project,” he said on a conference call with reporters.

Gazprom said six percent of the pipeline, or about 150 km (93 miles), remained to be completed and insisted on its intention to complete the project soon.

Construction of the pipeline was suspended in December 2019 when a Swiss company pulled its ships from the project amid threats of US sanctions, forcing Gazprom to try to supplement it with its own resources. After a long effort to deploy Russian pipe-laying vessels, construction work resumed in German waters last month.



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