US sanctions won’t stop Russia’s pipeline project to Europe
NOVANEWS
The latest US sanctions targeting Russia’s oil and gas sector will cause Gazprom some headaches in building the new gas pipeline to Germany, experts say. However, US restrictions are unlikely to stop the project.
“The price of any project automatically increases,” Tatiana Mitrova, director of the Skolkovo Energy Center told Reuters.
“Gazprom’s relationships with partners, subcontractors, and equipment and service providers are very complicated. They will all ask for a risk premium,” she added.
“This, however, does not mean that Nord Stream-2 won’t be built,” said Katja Yafimova of the Oxford Energy Institute.
However, while Gazprom’s major partners in the projects – ENGIE, OMV, Shell, Uniper, and Wintershall – are likely to accept the risks, smaller contractors will be more...