Published 00:50 IST, December 22nd 2019
EU opposes the sanctions placed on Russian Nord Stream 2 pipeline by the US
The EU opposes the sanctions placed by the US on the Russian Nord Stream 2 pipeline; the pipeline will connect Russia to Germany and is crucial to Germany
The European Union voiced its opposition to US sanctions against the companies that will be involved in the building of the Russian gas pipeline to Germany. An EU spokesperson said that as a principle the EU will always oppose any sanctions or outside interference wit EU companies that are conducting legitimate business.
Pipeline necessary for Germany
The Sanctions against the Russian pipeline was signed on Friday by US President Donald Trump. The Nord Stream 2 pipeline's estimated worth is 10 billion Euros and will run under the Baltic sea. The project is estimated to double natural gas deliveries to the European Union's leading economy, Germany. The US believes that the new pipeline will greatly enrich a hostile Russia and increase the influence of President Vladimir Putin. These sanctions come during a time when there are heightened tensions in the continent according to US lawmakers.
The US sanction comes just a mere days after the EU managed to broker a deal between Russia and Ukraine regarding the transit of Natural Gas. Russia supplies almost 18 per cent of EU's natural gas, this pipeline is thus a very important endeavour.
The decision to impose the sanctions was overwhelmingly approved by both House of the Congress which sent the measure to Trump for his signature. The sanctions were a part of a much larger bill that allocated some 700 billion euros for the Pentagon. The bill also included the funding for Trump's Space Force.
The Chamber of Commerce of both Russia and Germany have agreed that the pipeline is essential for energy security and have vowed to issue retaliatory sanctions against the United States. One of the likely targets of the sanctions will be Allseas that has been hired to build the offshore section of the Pipeline. The Swiss-based company has already announced that it will be suspending all Nord Stream 2 pipelay activities.
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Updated 09:57 IST, December 22nd 2019