US' Planned Sanctions On Nord Stream 2 Increase Risk Of Pipeline Non-Completion - Uniper

MOSCOW (Pakistan Point News / Sputnik - 11th August, 2020) The United States' planned new sanctions on the Nord Stream 2 project, which envisions the construction of a pipeline for delivering Russian natural gas to Europe, increase the probability of construction delay or even non-completion, German energy company Uniper said on Tuesday.

"With the US intensifying their efforts on targeted sanctions against the Nord Stream 2 project the probability of a delay or even non-completion of the pipeline is increasing. Uniper actively monitors the situation and takes all required actions to ensure compliance with applicable rules. Uniper is also in constant exchange with relevant stakeholders about the updated grandfathering guidance on Countering America's Adversaries Through Sanctions Act by the US Department of State," Uniper said in its half-year interim report on financial results.

The completion of the pipeline project enjoys "strong political support" from several national governments and the European Union as a whole, Uniper stressed.

"The Nord Stream 2 Project failure risk continues to qualify as a major individual risk of Uniper. In case the project can ultimately not be completed Uniper may have to impair the loan provided to Nord Stream 2 and forfeits the planned interest income," Uniper added.