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U.S. plans sanctions on company building Russia’s Nord Stream 2 pipeline -CNN -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A sign directs motorists towards the Nord Stream 2 gasline landfall facility entry in Lubmin, Germany. September 10, 2020. REUTERS/Hannibal Hanschke//File Photo

(Reuters) – The Biden administration will announce Wednesday that it will permit sanctions to be lifted on Nord Stream 2 AG. This is the Russian company responsible for building Russia’s Nord Stream 2 pipeline. CNN reported, citing U.S. officials.

Such an act would form part of U.S.-imposed sanctions against Russia in response to President Vladimir Putin’s recognition that separatist territories of the eastern Ukraine are independent.

Nord Stream 2 AG, a Swiss company registered under the laws of Switzerland is owned by Gazprom (MCX). This pipeline was built to increase the flow of Russian natural gas directly to Germany.

Unable to respond immediately to our request for comment, the U.S. Treasury Department has not yet responded.

After Germany’s steps to halt construction of the Baltic Sea Gas Pipeline Project, the White House stated Tuesday that Nord Stream 2 development was not moving forward.

Gazprom is the owner of the whole pipeline, but it paid only half the cost. The rest was shared by Shell (LON), Austria’s OMV and France’s Engie, as well as Germany’s Uniper, Wintershall DEA, and France’s Engie.

The most controversial energy project in Europe, valued at $11 billion was completed in September. However, it has yet to begin operations due to certification by Germany or the European Union.

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