German Chancellor Angela Merkel said on Wednesday, July 1, speaking in the Bundestag, that the completion of the Nord Stream – 2 gas pipeline is the right decision, despite the American sanctions.
“We believe that the introduction of extraterritorial sanctions, which the US is planning, does not correspond to our understanding of the law and, consequently, to the discussions that are currently underway. (…) However, we must admit that the construction process is difficult. We still believe that the project should be completed. We are acting in this vein,” she says on finanzen.at.
Last week, a bill to extend U.S. sanctions against the Russian gas pipeline North Stream-2 was introduced in the U.S. House of Representatives.
The operator of Nord Stream 2 AG stressed that the expansion of American sanctions against Nord Stream 2 will lead to blocking about €700 million of investments.
Gerhard Schroeder, former Chancellor of Germany, Chairman of Rosneft and Head of the Nord Stream AG Shareholders’ Committee, regarded the US sanctions as a deliberate termination of the transatlantic partnership.