Friday, 19th April, 2024
Friday, 19th April, 2024

Nord Stream 2’s future looks increasingly uncertain

The future of Nord Stream 2 is increasingly uncertain as the United States increases pressure on the project with new sanctions.

The new bans came just days before work on the pipeline began in Danish waters. The link, owned by a unit of Gazprom PJSC, will see further delays as the United States seeks to limit Russia’s influence in Europe.

As part of this, the Kremlin on Tuesday pledged to end the project and warned of the political risks involved in Gazprom. Lawmakers in Germany have called for legislation that they believe can protect any major port from sanctions.

The U.S. State Department imposed a ban on the pipeline ship Fortuna, which was forced to work on the project and arrested its designated owner, KVT-Ras. Zurich Insurance Group, meanwhile, has canceled all coverage affected by the AG sanctions and the engineering firm Belfinger SE has reportedly severed ties with the project.

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