Biden Weighing New Sanctions to Block Russian Gas Pipeline
(Reuters) — President Joe Biden's administration is weighing additional sanctions to block construction of the nearly completed Nord Stream 2 pipeline from Russia to Germany, potentially including the project's parent company Nord Stream 2 AG, Bloomberg News reported on Thursday citing three people familiar with the matter.
The sanctions would come in the form of an interim report that may also single out an insurance company that has been working with the vessels laying the pipeline in the Baltic Sea as well as other companies providing support vessels and materials to the project, according to the report.
Nord Stream 2 will bypass Western ally Ukraine, potentially depriving it of valuable transit fees. It will also increase European energy dependency on Russia and compete with shipments of U.S. liquefied natural gas.
The U.S. State Department is tracking efforts to complete the Nord Stream 2 pipeline and evaluating information regarding entities that appear to be involved, U.S. Secretary of State Antony Blinken said on Thursday.
"Any entity involved in the Nord Stream 2 pipeline risks U.S. sanctions and should immediately abandon work on the pipeline," Blinken said in a statement.
He added that the Biden administration is committed to complying with 2019 and 2020 legislation with regards to the pipeline and sanctions.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
Comments