Gazprom exec: New US sanctions not to hurt Russia’s Nord Stream-2

MOSCOW, Jan 12 (PRIME) -- The new U.S. anti-Russian sanctions will not have an impact on construction of the Nord Stream-2 natural gas pipeline, Viktor Zubkov, chairman of the board of directors of gas giant Gazprom, told reporters on Thursday on the sidelines of the Gaidar Forum.

On Wednesday, a group of U.S. senators introduced a bill punishing for investment in Russia’s mineral resources production, pipelines and civil nuclear projects, as well as the purchase and sale of sovereign debt and participation in privatization.

“This is a commercial project. In fact, it was approved by the German side and by many others. So we are not especially worried,” Zubkov said.

He said that he doesn’t expect a negative impact from any possible new sanctions. “What further sanctions can we expect? We have already seen a hail of new sanction lately. In fact, we have been under the sanctions for a long time, but they have not inflicted a significant damage on the Russian economy,” he said.

The Nord Stream-2 project envisages construction of two lines of a gas pipeline with an annual capacity of up to 55 billion cubic meters, running from the Russian shore to Germany under the Baltic Sea. Currently, Gazprom holds 100% in the project’s company Nord Stream 2 AG, and the company’s shareholder agreement envisaged Gazprom transferring 10% stakes in the company to Uniper, Wintershall, Shell, OMV, and Engie.

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