Alexey Belogoryev, Deputy Principal Director on Energy Studies commented to the Vechernyaya Moskva newspaper on the impact of new US sanctions on completing the Nord Stream 2 project.
Alexey Belogoryev believes that the current sanctions could be tougher.
- The sanctions, that have been introduced, are of a targeted and cautious nature, like last year, which is due to the desire of the United States not to spoil relations with the EU and Germany. All the sanctions in the NS-2 system are of an unseemly nature and make the US administration not look good in Western Europe and Germany. The sanctions could be tougher, but the United States does not introduce such one, in order not to quarrel with its allies. Under Biden, who is interested in improving relations with the EU, the US will behave more cautiously, the expert noted.
In his opinion, the measures introduced will postpone, but will not block, Nord Stream 2.
- Its will complicate construction from a legal point of view, in terms of certification, retrofitting, insurance. These are indirect questions, but complicating the work on the project. It will take additional time and costs to build organizational chains, - Belogoryev said.
According to him, the United States is not finally blocking the project, because it expects to come to an agreement with Europe. Additional sanctions delay the completion of Nord Stream 2, thereby giving Europe time to think about this pipeline feasibility, the energy expert is sure. However, as long as the Germans hold on to it, Nord Stream 2 has a future.
- The sanctions are being adopted not to stop, but to postpone Nord Stream 2 in the hope of reaching an agreement with Europe. As long as Germany supports it, the project has a future. As soon as the Germans refuse, you can give it up. The project is beneficial for Germany because it provides low gas prices. In addition, gas reserves in Holland, Britain and Norway are depleting, he added.
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