US sanctions against European companies supporting the Russian gas Project

ArticleEnergyJune 5, 2018 - 3:04:11 AM

The American government wants to instroduce sanctions against firms involved in the building of the Nord Stream 2 pipeline, which will supply Russian natural gas to the European Union across the Baltic Sea.

America is going to sanction European corporations that take part to the pipeline project, which is run by Russian energy giant Gazprom.

In addition to Gazprom, the project is supporting by German energy firms Wintershall and Uniper, British-Dutch oil, Royal Dutch Shell, French multinational Engie, and Austrian energy company OMV.

The project was launched through a financial arrangement. The European partners proposed loans for the project instead of setting a joint venture to work and make business lawfully. Gazprom was allocated €2 billion ($2.3 billion) to build a fifth of the pipeline.

The disputed pipeline, approved by Finland and Germany, is expected to provide 55 billion cubic meters of Russian natural gas to European customers every year. It's planned to be operational in 2019...


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