New York: Germany and the US reached an agreement regarding the Nord Stream 2 pipeline project. As per the new deal, the US administration will lift the sanctions imposed, but both US and Germany will impose costs on Russia to prevent it from using the project as a political weapon.
Both the countries will also provide Poland and Ukraine funds to build green energy and other development projects as these two countries were bypassed by the pipeline project.
‘The United States and Germany are united in their determination to hold Russia to account for its aggression and malign activities by imposing costs via sanctions and other tools. Should Russia attempt to use energy as a weapon or commit further aggressive acts against Ukraine, Germany will take action at the national level and press for effective measures at the European level, including sanctions, to limit Russian export capabilities to Europe in the energy sector,’ a statement released by the countries said.
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The US administration feared that the project would give Russia too much power over Europe and also will increase Europe’s dependence on Russia for natural gas. Currently, EU countries already rely on Russia for 40 percent of their gas needs.
The Nord Stream 2 Pipeline project is built by a Russian government-owned company named Gazprom with five other European companies. The 1,200-km pipeline will run from Ust-Luga in Russia to Greifswald in Germany through the Baltic Sea and will carry 55 billion cubic metres of gas per year. The total cost of the project is US dollar 11 billion and the work is 98% finished.
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