US Senate bipartisan support for Nord Stream 2 sanctions

The U.S. Senate Foreign Relations Committee passed a bipartisan bill to sanction any company and individual that helps Russia build the Nord Stream 2 natural gas pipeline. The nearly completed Nord Stream 2 is a pair of pipelines that will run under the Baltic Sea for 767 miles from Russia to Germany.  Russia's Gazprom is paying for half of the $11.1-billion construction cost, and European Union distribution partners Engie, OMV, Royal Dutch Shell, Uniper, and Wintershall are paying the balance.  The pipeline path follows an existing pair of underwater gas pipelines that was opened in 2012. The annual 55-billion-cubic-meter capacity is the equivalent of 700 LNG tankers and will supply the energy needs of approximately 26 million households.  At the average German Border price of $6 per cubic meter, Russia will pocket $330 billion per year. But the pipeline threatens to end $3 billion in revenues that Ukraine currently receives from...(Read Full Post)
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