Nord Stream 2 chaos: Huge blow for Germany and Russia as US sanctions freeze oil project

We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.

The multi-billion pound Nord Stream 2 will run through the Baltic Sea and supply gas to Germany and the EU. But German energy company Uniper has been forced to freeze construction due to US sanctions. Delays in the building of the Berlin-backed €9.5billion Nord Stream 2 gas pipeline across the Baltic Sea to the EU means the project could be scrapped altogether.

A report by Uniper said: “As the US intensifies its efforts to target sanctions against the Nord Stream 2 project, the likelihood of a delay or even a halt in pipeline construction increases.”

Its construction is being funded by Russian state-owned energy giant Gazprom and a group of major European energy firms who say the project will help reduce carbon dioxide emissions by providing cleaner fuel to Europe.

The pipeline itself will transport 55 billion cubic meters of gas a year from Russia to Germany under the Baltic Sea.

It was Germany’s support for the pipeline which was the main reason why the plan got a green light despite resistance being shown from the European Commission and many other EU countries.

Berlin’s political establishment believe Nord Stream 2 is a way in which Germany can put a stop to any conflict with Russia.

MORE TO FOLLOW

Source: Read Full Article