Despite the recently imposed sanctions, the Nord Stream 2 gas pipeline project remains ongoing.
The Nord Stream pipeline, which transports Russian gas to Europe, plays a crucial role in the region’s energy supply. The new pipeline is anticipated to double the gas delivery capacity compared to the original Nord Stream route. Gazprom, the major supporter of the pipeline project, is currently responsible for around one-third of Europe’s gas supply. However, the United States aims to alter this dynamic by increasing its exports of liquefied natural gas to Europe.
The Nord Stream 2 pipeline will be laid on the bed of the Baltic Sea, enabling Russia to bypass Ukraine, a key transit point for Russian gas exports to Europe. Recently, Russia and Ukraine reached a new transit agreement. Bilateral relations between the two countries have been strained since Russia’s annexation of Crimea in 2014.
German Finance Minister and Vice Chancellor Olaf Sholz strongly opposed the US sanctions enacted last Friday, stating that Germany outright rejects the intervention. Sholz emphasized that such sanctions constitute a significant infringement on Germany and Europe’s internal affairs and sovereignty. Meanwhile, Allseas, a company based in Switzerland and the Netherlands, declared the suspension of its pipe-laying activities following the sanctions. Allseas aims to gradually halt its operations but awaits further guidance from US authorities.
