US proposes new sanctions in opposition to Nord Stream 2

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Nord Stream 2 is making headlines once more as a bipartisan group of US senators have reportedly launched a invoice that might increase sanctions on the controversial pure gasoline pipeline from Russia to Germany.

The invoice, titled Protecting Europe’s Energy Security Clarification Act, follows current laws handed by means of the US Congress final 12 months that punished firms concerned in each Nord Stream 2, FT reported on June 4.

Senators say the invoice clarifies and expands the scope of sanctions on the venture, threatening to penalise any firms concerned in laying pipes, offering underwriting, insurance coverage or reinsurance to firms concerned within the venture, or offering port amenities for the ships concerned.

The laws is sponsored by Republican senator Ted Cruz of Texas and Democratic senator Jeanne Shaheen of New Hampshire, together with Republicans John Barrasso, Tom Cotton and Ron Johnson.

Nord Stream 2 EU consultant Sebastian Sass advised New Europe in an electronic mail the corporate is conscious that new laws has been launched within the US Senate and are presently evaluating its implications for the venture if it had been to enter into power. “Western European energy companies from Austria, Germany, France and the Netherlands have committed to invest almost €1 billion each in the project, and more than 1000 companies from 25 countries are fully committed to seeing the project completed. Efforts to obstruct this critical work reflect a clear disregard for the interests of European households and industries, who will pay billions more for gas if this pipeline is not built, and the European Union’s right to determine its own energy future. Decisions about European Union energy policy should be left to Europeans,” Sass argued.

He recalled that the European Commission has described such sanctions as a breach of worldwide legislation.