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2021-01-13 13:45:00

NORD STREAM 2: THE NEW SANCTIONS

NORD STREAM 2: THE NEW SANCTIONS

REUTERS - JANUARY 13, 2021 - The U.S. State Department this month told European companies which it suspects are helping to build Russia’s Nord Stream 2 gas pipeline that they face the risk of sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources said on Tuesday. 

“We are trying to inform companies of the risk and urge them to pull out before it’s too late,” a U.S. government source said on condition of anonymity. 

The U.S. source said the State Department is expected to issue a report by Thursday or Friday on companies it believes are helping the Russia-to-Germany pipeline. Companies that could be in the report include ones providing insurance, helping to lay the undersea pipeline, or verify the project’s construction equipment, the source said. 

The companies could be at risk of U.S. sanctions under existing law if they do not stop work. 

Zurich Insurance Group could be listed in the report, the source said. The company did not immediately respond to a request for comment.

Nord Stream 2 did not immediately respond to a request for comment.

The $11 billion pipeline, one of Russia’s most important projects in Europe, has sparked tensions between Washington and Moscow.

The Trump administration opposes Nord Stream 2, which would deprive Ukraine of lucrative transit fees, saying it would increase Russia’s economic and political leverage over Europe. The administration has also pushed exports of U.S. liquefied natural gas to Europe, a fuel that competes with pipelined gas from Russia.

The Kremlin says Nord Stream 2, led by state energy company Gazprom, is a commercial project.

Germany, Europe’s biggest economy, also says the pipeline is simply commercial. It needs gas as it shuts coal and nuclear plants on environmental and safety concerns.

U.S. President-elect Joe Biden opposed the project when he was vice president under Barack Obama. It is uncertain whether he would be willing to compromise on the project after Jan. 20 when he takes over.

Gazprom halted Nord Stream 2 construction for a year after U.S. sanctions in December 2019. But work has resumed as Gazprom hopes to complete the Nord Stream 2 pipeline under the Baltic Sea to double the existing line’s capacity. The project is 90% completed with only a 62-mile (100-km) stretch in deep waters off Denmark left to complete.

Gazprom’s Western partners in the project are Germany’s Uniper, BASF’s Wintershall Dea, Anglo-Dutch oil major Shell, Austria’s OMV and Engie.

A U.S. based industry source who has seen the State Department communications said European companies, including German ones, received the inquiries from the Trump administration over the past several months, dating back to October, about their activities relating to Nord Stream 2.

The State Department asked the companies in October if they were involved with Nord Stream 2 and whether any work continued after July 15, and the value of any services or support.

On that date, U.S. Secretary of State Mike Pompeo warned investors in Russia’s Nord Stream 2 and Turkstream pipelines they could face sanctions under the Countering America’s Adversaries Through Sanctions Act of 2017.

On Jan. 1, the State Department reached out again with an urgent request, the industry source said, asking to set up a call that weekend with the Bureau of Energy Resources to discuss the details of the companies’ wind down activities.

The State Department did not immediately respond to a request for comment.

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Earlier:

NORD STREAM 2: THE NEW SANCTIONS
2021, January, 6, 13:45:00
NORD STREAM 2 SANCTIONS YET
The US Senate on Jan. 1 voted to override President Donald Trump's veto of the US National Defense Authorization Act (NDAA) which includes new provisions related to Nord Stream 2 under the Protecting Europe's Energy Security Clarification Act (PEESCA).
NORD STREAM 2: THE NEW SANCTIONS
2020, December, 14, 12:50:00
NORD STREAM 2 RESUMED WORKS
"Nord Stream 2 confirms the resumption of pipelay works planned for Dec. 11," a project spokesman told
NORD STREAM 2: THE NEW SANCTIONS
2020, December, 8, 13:00:00
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US opposition to the project -- on the grounds that it gives Russia too much leverage over European energy security -- continues to intensify.
NORD STREAM 2: THE NEW SANCTIONS
2020, November, 30, 11:50:00
NORD STREAM 2 RESUMPTION
Construction work on the Nord Stream 2 gas pipeline in the Baltic Sea will resume this week, despite U.S. sanctions designed to end the pipeline that will bring Russian gas to Germany.
NORD STREAM 2: THE NEW SANCTIONS
2020, November, 27, 11:45:00
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The DNV GL spokesman said: "Under these new guidelines, we find DNV GL's verification activities linked to vessels with equipment serving the Nord Stream 2 project to be sanctionable."
NORD STREAM 2: THE NEW SANCTIONS
2020, November, 24, 12:35:00
NORD STREAM 2 WILL BE COMPLETED
Wintershall Dea is one of five European energy companies -- along with France's Engie, Austria 's OMV, Anglo-Dutch Shell and Germany's Uniper -- that have co-financed the project, each committing to invest Eur950 million.
NORD STREAM 2: THE NEW SANCTIONS
2020, November, 10, 11:25:00
NORD STREAM 2 AGAINST PENALTY $7.7 BLN
UOKiK on Oct. 7 imposed a fine of more than Zloty 29 billion ($7.62 billion, Eur6.48 billion) on Russian gas giant Gazprom for building Nord Stream 2 without its approval, as well as a fine totaling Zloty 234 million on five European companies that helped finance the project.
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Tags: NORD, STREAM, SANCTIONS, RUSSIA, EUROPE, GAS