Washington threatens European firms with sanctions over Russian gas pipeline project

Sanctioning European traders which have already offered most of the agreed funds geared toward constructing the Russian-led gas pipeline to Europe is completely ineffective, in accordance with the operator of the Nord Stream 2 project.

The remark comes amid the newest try by US senators Ted Cruz and Jeanne Shaheen to slap corporations concerned within the pipeline project with a collection of penalties. The draft invoice, a replica of which was obtained by Foreign Policy journal, is geared toward blocking transactions in US-based property, alongside with pursuits belonging to the firms. The measure would additionally penalize entities offering any help to the project.

The Gazprom-owned Nord Stream 2 AG stated that every of its European companions, together with German vitality companies Wintershall and Uniper, French multinational Engie, British-Dutch oil and gas large Royal Dutch Shell, and Austrian vitality agency OMV, has thus far invested round a billion euros into the joint project that’s anticipated to be accomplished by the top of 2019. That’s reportedly the lion share of the enterprise’s accepted price range of €Eight billion (US$8.9bn).

“Gazprom and five European investors, along with the contractors fully support the project,” the operator stated, stressing that the cooperation allowed to “create thousands of jobs and an impetus for European economic growth.”

The Nord Stream 2 pipeline project has attracted greater than 670 firms from 25 nations, in accordance with the corporate that when once more highlighted that the enterprise shouldn’t be concerned in politicized disputes.

“Implementation of the project is fully based on the legal framework and approval documents that rely on the European Union legislation and legal conventions,” the spokesperson stated

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