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Schroeder called the Nord Stream 2 sanctions an attack on the European economy

According to the former German Chancellor, the restrictive measures will affect more than 120 companies. He regarded the proposal of us senators on sanctions as “a deliberate termination of the transatlantic partnership”.

Former German Chancellor Gerhard Schroeder assessed the new sanctions against the Nord Stream 2 gas pipeline, which are being prepared by the US, as “a deliberate termination of the transatlantic partnership”. This is reported by the newspaper Handelsblatt.

Schroeder on Wednesday, July 1, will speak at an open hearing of the Bundestag Committee on economy and energy, the publication notes, which quotes excerpts from the future states of the former Chancellor. The meeting will be devoted to the energy sovereignty of Europe and Germany, including the discussion of Nord stream 2.

In a statement, Schroeder said that the sanctions bill currently being debated in the US Congress is “a widespread, unjustified attack on the European economy and unacceptable interference with EU sovereignty and energy security in Western Europe.”

Schroeder is the Chairman of the shareholder's committee of Nord Stream AG, which is building the Gazprom gas pipeline. According to him, the sanctions will directly affect more than 120 companies in the field of shipbuilding, engineering, nature protection, and security that work or have worked with Nord Stream 2. “Each of these companies has European jobs that are at risk,” he stressed.

According to Schroeder, the adoption of new restrictive measures against the gas pipeline will be followed by significant financial losses. In particular, he believes, investment in European infrastructure of €12 billion will be at risk, and consumers in Europe will face additional costs of up to €4 billion a year.

On June 30, a group of us senators proposed including additional sanctions against Nord Stream 2 in the US defense budget for the 2020/21 fiscal year, which will begin on October 1. According to the authors of the initiative, this will speed up the possible adoption of restrictions, since unlike the usual bill, which is considered for a long time, the military budget is guaranteed to be approved annually in the fall. Senators believe that the amendment should be made to last year's law on sanctions against Nord Stream 2, which became part of the defense budget. After its acceptance, contractor Allseas withdrew its pipe-laying vessels from the project.

The authors of the initiative propose to extend the scope of potential restrictive measures from vessels that directly “stack pipes” at a depth of 100 feet (30.5 m) for the Nord Stream 2 or Turkish stream gas pipelines to vessels that “stack pipes or engage in pipe-laying activities” (at the same depth). Foreign individuals, companies and their managers who provide insurance risk assessment or insurance services for vessels involved in laying pipes for the gas pipeline, as well as those who provide “testing, inspection, and certification” services necessary for its operation, may be subject to sanctions.

In early June, the same senators introduced a separate draft on sanctions against participants in the construction of Nord Stream 2. The German government expressed concern that the measures will affect the country's public services in any way connected with the project, as well as German companies.

The Nord stream-2 gas pipeline project involves the construction of two strands with a length of more than 1.2 thousand km each along the bottom of the Baltic sea. They will supply gas to Germany via the sea territories of Russia, Germany, Finland, Sweden, and Denmark. In addition to Gazprom, companies from Austria, Germany, the Netherlands, and France have invested in the project: OMV, Wintershall Dea, Uniper, Shell, and Engine. Gazprom plans to launch Nord stream 2 at the end of this year.

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