Published 13:10 IST, December 22nd 2019
Germany, Russia condemn US sanctions on firms behind Nord Stream 2
Germany and Russia are angered by the sanctions imposed by the US targetting the firms behind the pipeline project, Nord Stream 2 between both the countries.
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Germany and Russia are angered by the sanctions imposed by the United States on the gas pipeline between both the countries. The sanctions approved by US President Donald Trump on December 20 targetting the firms building Nord Stream 2 which is an undersea pipeline that will allow Russia to increase gas exports to Germany. However, this $11 billion Nord Stream 2 project has increased fears of tightening Moscow's grip in Washington and therefore it has been strongly opposed by both the Democrats and Republicans while keeping aside their partisan role.
Just recently, the European Union also voiced its opposition to the sanctions against the companies involved in the building of the pipeline. Reportedly and 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.
Nord Stream 2 is necessary
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 EU's leading economy, Germany. The US believes that the new pipeline will greatly enrich a hostile Russia and increase the influence of Russian President Vladimir Putin. These sanctions also come during a time when there are increased 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 US. 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.
(With agency inputs)
12:45 IST, December 22nd 2019