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Preparations of new U.S. sanctions increase the likelihood that the launch of Nord Stream 2 will be halted or cancelled.
German-based Uniper, a participant in the Nord Stream 2 project, does not rule out that the Russian gas pipeline bypassing Ukraine can ultimately not be completed.
"With the U.S. intensifying their efforts on targeted sanctions against the Nord Stream 2 project the probability of a delay or even non-completion of the pipeline is increasing," the company said in Half-Year Interim Report 2020. "Uniper actively monitors the situation and takes all required actions to ensure compliance with applicable rules. Uniper is also in constant exchange with relevant stakeholders about the updated grandfathering guidance of CAATSA (Countering America's Adversaries Through Sanctions Act) by the U.S. Department of State."
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"Nord Stream 2 is working to mitigate the effects of the currently still suspended pipelaying activity and to bring the project to completion. A completion of the project receives strong political support from several country governments as well as the EU. The Nord Stream 2 Project failure risk continues to qualify as a major individual risk for Uniper. In case the project can ultimately not be completed, Uniper may have to impair the loan provided to Nord Stream 2 and forfeits the planned interest income," it said.
At the end of May, the German company issued EUR 700 million to the project, the total loan was expected at EUR 950 million.
As UNIAN reported earlier, the United States and a number of European states oppose the construction of the gas pipeline. In their opinion, it will increase Europe's dependence on Russian gas supplies. Work on the construction of Nord Stream 2 has been suspended over U.S. sanctions against European contractors, which came into effect in December 2019.
The key position was taken by the United States whose sanctions have already forced the Swiss company Allseas to stop work and withdraw its ships.
Russia says it is possible to complete the project with the help of its own vessels, among them are the pipe-layer Akademik Cherskiy and the Fortuna vessel.