Biden sanctioning company behind Nord Stream 2 pipeline in Russia

US President Joe Biden plans to sanction the company behind the Nord Stream 2 energy pipeline connecting Russia and Europe, according to multiple reports.

The $11bn pipeline, owned by Russia’s state-run oil company Gazprom, would double the flow of gas into Germany if it becomes operational, representing a significant source of revenue for the Russian government.

Nord Stream 2 was finished in September, but the 750-mile project hasn’t come online, pending approval from Germany and the European Union.

The German government had long insisted the project was merely a commercial one, and last year President Biden overruled Congress on harshly sanctioning the pipeline, citing concerns about the US relationship with Germany.

That changed as the situation on the ground in Ukraine escalated.

After an intensive diplomatic effort by the US, the German government announced on Tuesday it was halting the certification of Nord Stream 2, a major blow to the project.

“The situation today is fundamentally different,” German chancellor Olaf Scholz told reporters on Tuesday. “That’s why, in view of the latest developments, we also have to reassess this situation. By the way, that includes Nord Stream 2.”

Blocking the pipeline “sacrifices what would have been a cash cow Russia’s coffers” and “will relieve Russia’s chokehold over Europe through its supply of gas,” US deputy National Economic Council director Daleep Singh told reporters on Tuesday.

The move is the…

READ FULL STORY AT independent.co.uk

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