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Germany cannot abandon Nord Stream 2 because of the likely losses to Europe

Germany cannot refuse to implement the Nord Stream-2 project, as it will cause significant damage to Europe, which needs energy resources. This is stated in an article published on Wednesday in the Financial Times.

The British publication notes that German politicians understand this well and therefore support German Chancellor Angela Merkel, who previously said that this is a purely economic project and should be sold.

Attempts to halt the project, as categorically demanded by Soyuz-90 / Greens leaders, led to its isolation, with opponents from across the political spectrum “uniting to thwart their initiative,” the newspaper said. There are few cases when the Christian Democratic Union / Christian Social Union bloc, the Social Democrats, the extreme left, and the extreme right “managed to agree on something”, the material says.

German politicians, according to the Financial Times, are in a difficult position: they want to take action against Russia over the incident with Alexei Navalny, but understand that stopping Nord Stream 2 will cause “significant concomitant damage to Europe.” Demand for gas in the EU is growing as the community's domestic fuel reserves are depleted.

It is also a matter of causing significant damage to European investors in case of refusal to support the project. Half of the cost of building the pipeline is provided by loans from European investors such as the British-Dutch Royal Dutch Shell, Austrian OMV, and French Engie. The German government is likely to have to shell out billions in compensation if it blocks Nord Stream 2, the paper said.

Berlin seeks to avoid any steps that undermine the legal basis for large investments in energy, says Kirsten Westphal, an analyst at the German Institute for International Relations and Security. “Unlike other countries, Germany does not have a national leader in energy, and therefore its energy supply depends entirely on private companies,” she explains. “These companies need a sound regulatory framework, and Berlin knows that,” Westphal added.

We will add, the day before it became known that the USA works on the creation of a coalition against “North stream-2”.

In July this year, it became known that the EU opposes US sanctions on Nord Stream-2.

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