Saturday, January 16, 2021

Russia Blasts Absurd’ US Bill to Sanction Nord Stream 2 Investors

Russian Energy Minister Alexander Novak has heavily criticized a US bill on levying sanctions on the investors of the Nord Stream 2 Project, terming it as completely absurd and irrational. 

“I did not see this proposed legislation, it should be studied from a legal point of view. It is quite an absurd bill that will nullify all market rules. In my opinion, it is ridiculous and irrelevant,” he told reporters.

Senator John Barrasso presented a bill on Wednesday to levy penalties on investors in Russian energy export projects, including the Nord Stream 2 gas pipeline project. The proposed legislation includes definitive measures against organizations investing in Russian energy export projects, granting guarantees for loans to implement these projects, or providing any goods and services.

Nord Stream 2 is an initiative to extend the existing Nord Stream main gas pipeline, connecting Russia and Germany along the bottom of the Baltic Sea, bypassing the transit states of Ukraine, Belarus, Poland and other Eastern European and Baltic nations.

The pipeline reflects the original Nord Stream route and will transit via the exclusive economic zones and territorial waters of five nations including Russia, Finland, Sweden, Denmark, and Germany.

The length of the Nord Stream 2 project will be more than 1,200 km, and its throughput capacity will be 55 bln cubic meters of gas per year. Nord Stream 2 project is anticipated to be commissioned by the end of 2019.

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