Hot topics | Coronavirus pandemic

Andreas Schierenbeck: Uniper Did Not Receive Letters From US Senators About Sanctions Against Nord Stream 2

Andreas Schierenbeck: Uniper Did Not Receive Letters From US Senators About Sanctions Against Nord Stream 2

Uniper, one of Gazprom's financial partners for the Nord Stream 2 project, has not received letters from US senators regarding the imposition of sanctions in connection with participation in the implementation of the gas pipeline construction project, according to Uniper Chief Executive Officer Andreas Schierenbeck during a conference call.

"We have never received letters from US senators, but we are in talks with all interested parties," the top Manager said, adding that business in the US is of great importance to Uniper.

As Uniper noted in a report published today, the tightening of US sanctions against Nord Stream 2 increases the likelihood that the project will be delayed or not completed at all.

At the same time, Shirenbek later noted that Uniper does not expect the implementation of the worst-case scenario, which involves the complete termination of construction of the project. He added that the announced expansion of US sanctions does not directly affect Uniper, but concerns the company's investment in the project, which was made after July 2020, when it was announced to update the CAATSA manual ("On countering America's adversaries through sanctions") and include the Nord Stream 2 and the second branch of the Turkish Stream 2.

Nord Stream and US sanctions

On June 4, Republicans submitted a bill to the US Senate to expand sanctions on the Nord Stream 2 gas pipeline. As noted by the press service of one of the authors of the initiative, the document "clarifies and expands sanctions under the law on ensuring energy security of Europe" and aims to prevent the completion of the pipeline. In Germany, plans to expand sanctions against the project were sharply criticized.

Earlier, Secretary of state Michael Pompeo told reporters that the US Foreign Ministry would include Nord Stream 2 and Turkish stream in projects that fall under the CAATSA law.

The Nord Stream 2 project involves the construction of two lines of a gas pipeline with a total capacity of 55 billion cubic meters per year from the Russian coast through the Baltic sea to Germany. By now, Nord stream 2 is 93% complete. The suspension of the project was since, at the end of December 2019, due to US sanctions, the Swiss company Allseas ("Allseas") interrupted work on the construction of the gas pipeline and withdrew its vessels.

You may also like: