Business

Germany calls threats of US sanctions over Nord Stream 2 unacceptable

06:52, 23 November 2020
Germany calls threats of US sanctions over Nord Stream 2 unacceptable Photo: Stefan Sauer/dpa/Global Look Press

Head of the German Eastern Business Association Oliver Hermes has called on Washington to respect European sovereignty and not threaten companies with sanctions over Nord Stream 2, the Welt reports.
 
He said that the White House should return to broad cooperation with the authorities of Germany and Europe.
 
He was commenting on the information that representatives of the White House are in contact with European companies and warn of the consequences for participating in the construction of the gas pipeline.
 
Such an approach is completely excluded among the allies, Hermes noted.
 
In his opinion, Washington's possible extraterritorial sanctions against European companies are an unacceptable interference with international law.
 
 
The agency called on Russia to stop using its energy resources to put pressure on other states.
 
If the documents' package is approved, then companies helping to modernize or install equipment on ships used for pipe-laying may fall under the new restrictions, the State Department said in a statement.
 
Nord Stream 2 envisages two pipeline strings with a total capacity of 55 billion cubic meters per year. They will stretch from the Russian coast across the Baltic Sea to Germany.
Communications will also pass through Finland, Sweden, and Denmark.
 
Gazprom's European partners are German Uniper and Wintershall, Austrian OMV, French Engie, and Anglo-Dutch Shell. The construction cost is estimated at €9.5 billion, with Western enterprises accounting for half of this amount.