Germany may set up special fund to protect Russia’s Nord Stream 2 from U.S. sanctions
Topics: GERMANY RUSSIA NORD STREAM U.S.
The regional government proposed to set up a special “Foundation for climate and environment protection.” In a statement on Wednesday, it said that the purpose of the organization is to carry out environmental projects as the nation is trying to phase out coal power, adding that it could also “contribute” to the finalizing of the Nord Stream 2 project.
It is believed that the fund could help the companies involved in Nord Stream 2 to acquire and store equipment and materials needed for the pipeline’s construction. Thus it could shield the firms from punitive measures threatened by Washington as they wouldn’t directly be linked to the energy project.
The northeastern German state is located on the shore of the Baltic Sea and is home to the landing point for the underwater pipeline that stretches from Russia. The project is expected to double the existing Nord Stream 1 pipeline’s capacity of 55 billion cubic meters annually.
Two similar foundations were previously created for Nord Stream, the statement added, noting that the entities have since been supporting environmental projects in the Baltic Sea. ■