New US Sanctions On Nord Stream 2 To Freeze $788Mln In Investments - Operator

MOSCOW (Pakistan Point News / Sputnik - 01st July, 2020) Proposed new sanctions on firms involved in the Nord Stream 2 pipeline project that seeks to increase natural gas exports from Russia to Germany will freeze investments to the tune of 700 million Euros ($788 million), the Switzerland-based project company said Wednesday.

"Expanded sanctions proposed in the US will directly affect over 120 companies from more than 12 European countries. In this difficult economic situation, the sanctions will block some 700 million euros in investments into projects to complete the pipeline," Nord Stream 2 AG said.

The legislation was introduced by a bipartisan group of US senators in an effort to prevent the undersea pipeline from being built after earlier sanctions failed to stop the project from moving forward.

"These sanctions are aimed at boosting exports of costlier liquefied natural gas from the US to Europe by destroying its potential rival. European consumers and companies will be forced to pay extra billions every year for this key energy source," the company added.

Nord Stream 2 AG said fresh penalties threatened to undermine all that had been accomplished so far, including 8 billion euros invested in the construction, 3 billion in the German gas transmission network and 750 million in Czech infrastructure.