Gazprom says US sanctions not to impede Nord Stream-2 project

MOSCOW, Aug 30 (PRIME) -- The U.S. sanctions will not impede implementation of Russia-led Nord Stream-2 gas pipeline project, Alexander Ivannikov, director of gas giant Gazprom’s financial and economic department, said Wednesday during a conference call.

Under preliminary estimates, the sanctions also do not limit Gazprom’s opportunities to borrow abroad, he said.

“Moreover, as European politicians also said, they see trade wars in it and will seek clarification that would not limit decision-making of our European colleagues in terms of profit and non-profit… That’s why all efforts are currently being taken to receive explanations that will suit us and our partners and will not impede construction of the Nord Stream-2,” Ivannikov said.

Even if there are risks exceeding economic benefit of Gazprom’s partners, the Nord Stream-2 project will be implemented with any explanations of lawyers, he said.

Earlier in August, U.S. President Donald Trump signed a bill introducing additional sanctions against Russia among several other states. The bill prohibits companies to invest more than U.S. $1 million in a single payment or more than $5 million during the course of a year in construction of Russian export pipelines, as well as provision of goods, services, technologies and information support for the construction.

The Nord Stream-2 project envisages construction of two lines of a natural gas pipeline with an annual capacity of up to 55 billion cubic meters, running from the Russian shore to Germany under the Baltic Sea. Russian gas giant Gazprom will implement the project together with Germany’s E.ON and BASF, Royal Dutch Shell, Austria’s OMV, and France’s Engie.

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