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2022-02-14 12:05:00

NORD STREAM 2: NO SANCTIONS

NORD STREAM 2: NO SANCTIONS

REUTERS - Feb 13 - Austria is sticking with its opposition to including the Nord Stream 2 gas pipeline in a package of sanctions against Moscow that the European Union is preparing in the event Russia invades Ukraine, Foreign Minister Alexander Schallenberg said on Friday. 

Austrian oil company OMV is one of Russian gas giant Gazprom's partners in the pipeline project connecting Russia to Germany, which has been completed but is not yet operational as it is awaiting German and EU regulatory approval. Austria owns 31.5% of OMV and backs the project.

U.S. President Joe Biden said on Monday the United States would "bring an end" to the $11 billion project if Russia, which has amassed more than 100,000 troops near Ukraine, invades the country. Washington has long pushed against Nord Stream 2, saying it will only increase Europe's dependence on Russian gas.

"I once compared it to a car without an engine. It is not even operational," Schallenberg told Reuters in a brief telephone interview.

"To discuss it publicly in Europe as if it were a central element of a credible package of sanctions against Russia makes no sense to me logically," he added.

German Economy Minister Robert Habeck said earlier on Friday the Ukraine crisis would play a role in the approval process for the project, and Schallenberg argued sanctions would not be necessary.

"It is unthinkable that the German authorities would grant the technical approval for operations if it comes to an act of military aggression," Schallenberg said.

Austria would, however, "support a consensus" regarding sanctions on the project, he said, without elaborating.

In addition to depending on Russia for 80% of its natural gas, Vienna has a vested interest in Russia's banking sector as the country is Austrian lender Raiffeisen Bank International's (RBIV.VI) biggest market. Raiffeisen has a total exposure to Russia of 22.9 billion euros ($26.1 billion).

The European Union says it is ready to impose "massive" economic sanctions on Russia if it invades Ukraine, but officials say that depends on complex negotiations among member states that are far from complete.

Schallenberg said discussions were "very advanced" and nothing was ruled out, but he declined to provide details. There was a "strong consensus," he added.

"There is no question that if there is military aggression, there must be a clear, unified and strong response from the West," he said.

($1 = 0.8775 euros)

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Earlier:

NORD STREAM 2: NO SANCTIONS
2022, February, 1, 14:50:00
NORD STREAM 2 UNDER THREAT
In a recent twist, Berlin is no longer ruling out shelving the pipeline project. But Europe is currently facing a winter energy crunch. Prices of natural gas have skyrocketed in recent months, and stockpiles in EU countries are at a five-year low.
NORD STREAM 2: NO SANCTIONS
2022, January, 14, 12:15:00
NORD STREAM 2 SANCTIONS FALL
Efforts to impose sanctions on the Nord Stream 2, an undersea gas pipeline from Russia to Germany that would give Moscow enormous leverage over Europe, have long drawn bipartisan support on Capitol Hill,
NORD STREAM 2: NO SANCTIONS
2021, December, 20, 12:25:00
NORD STREAM 2 FILLING
The operator Nord Stream 2 AG continues the necessary technical preparations for the pipeline ahead of its launch.
NORD STREAM 2: NO SANCTIONS
2021, December, 17, 12:50:00
NORD STREAM 2: NO DECISION
The Bundesnetzagentur on Nov. 16 suspended the procedure to certify Nord Stream 2 AG as an independent transmission operator while the company transferred assets to the German subsidiary to take over the application.
NORD STREAM 2: NO SANCTIONS
2021, December, 2, 12:15:00
NORD STREAM 2 SANCTIONS ANEW
The U.S. and some European opponents of Nord Stream 2 say it will make Europe too reliant on Russian gas, allowing Moscow to expand its political, economic and military influence. But other governments say it is vital to secure energy supplies, as gas prices surge and the threat of power outages looms.
NORD STREAM 2: NO SANCTIONS
2021, November, 25, 15:50:00
NORD STREAM 2 WITHOUT UKRAINE
The current transit agreement between Russia and Ukraine is due to expire at the end of 2024. It came into effect at the start of 2020, and was brokered by the European Commission.
NORD STREAM 2: NO SANCTIONS
2021, November, 16, 14:45:00
NORD STREAM 2 CERTIFICATION ANEW
Russia has said that Nord Stream 2 is ready to begin commercial operations pending regulatory approval and that gas flows through the pipeline would help ease the current high European gas prices, which remain at sustained highs on winter supply concerns.
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Tags: NORD, STREAM, RUSSIA, EUROPE, GAS, SANCTIONS