08-08-2017, 03:40 PM
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It's 42
Industry Role:
Join Date: Jun 2010
Location: Global
Posts: 18,083
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Hidden agenda much?
In Europe, U.S. sanctions bill creates worries about a controversial Russian pipeline - LA Times
Quote:
Dated July 28, 2017
The U.S. sanctions bill approved this week in the House of Representatives has European leaders worried about how the bill could affect continental divisions over dependence on Russian oil and gas.
If President Trump signs the bill,[he has] it would put into law sanctions approved by President Obama, which were largely created in collaboration with European consultation. But the new bill would expand the list of targeted Russian companies and individuals, particularly in the energy sector. That could subject European companies to U.S. sanctions for doing business with Russian companies on the list, specifically jeopardizing a controversial $10-billion gas pipeline project called Nord Stream 2.
What is Nord Stream 2?
The Nord Stream 2 pipeline project follows the first Nord Stream project, which was built in 2011 to pump gas from Russia?s Baltic coast to Germany. The second phase would expand the supply of Russian gas exports to Europe.
The $10-billion pipeline project is the pride of the Kremlin-controlled gas supply company, Gazprom, and was scheduled to be completed and pumping gas directly to Europe by 2019.
The pipeline project is financed partially by a consortium of European investment partners.
The route bypasses Ukraine, where previous disputes between Moscow and Kiev over natural gas prices and transit fees have led to Gazprom shutting down supplies. This has caused stress in Europe, which depends on gas supplies from Russia via Ukraine?s pipelines.
The Nord Stream 2 project has created rifts among the European Union?s 28 members, some of whom fear the completion of the pipeline acts against the EU?s goal of diversifying its energy sector away from Moscow?s exports.
Russia currently supplies a third of Europe?s natural gas. With the Nord Stream 2 pipeline, that could increase to more than 40%.
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