Nord Stream 2 works 100% suspended

Nord Stream 2 works 100% suspended

Swiss-based Allseas Group S.A. suspended all works on the Nord Stream 2, after the U.S. Department of Treasury activated sanctions on the European gas pipeline.

A company representative said yesterday that Allseas had withdrawn its ships that were previously engaged in constructing the Nord Stream 2 gas pipeline in the Baltic sea, according to Bloomberg.

The Swiss-based engineering giant was responsible for the installment of underwater gas-transfer pipes.

On Friday, U.S. President Donald Trump enacted the National Defence Authorization Act (NDAA) bill, authorizing a whopping $738 billion budget for the Pentagon that includes sanctions against the Nord Stream 2 gas pipeline, along with a range of other provisions.

A leading analyst of the National Energy Security Fund, a lecturer at the Financial University under the Government of the Russian Federation, Igor Yushkov, speaking to Vestnik Kavkaza, noted that it is possible that Russian companies will have to complete the constructing of the Nord Stream-2 pipeline. "All foreign companies are taking the same position: as long as there are no restrictions, they are acting according to plans agreed with Russia, and as soon as restrictions are introduced, they comply with them. The situation is the same with Allseas. So far, the Swiss company's ships have not left the Baltic Sea. I checked the trackers today: both pipe-laying vessels are waiting near Danish waters for what will happen," he said in the first place.

"Allseas sent a request to the OFAC for a 30-day period to complete the work. The U.S. Defense Act states that a transitional period of 30 days can be provided to complete the work, and I think there is a lively discussion between the U.S. Germany and Russia. I think the basic scenario that is currently being considered is providing a transition period during which Allseas ships will complete works," Igor Yushkov pointed out.

"But there is a second option, when Allseas is not given a transition period. Then Russia will use its Akademik Chersky (from the Far East) and Fortuna (from the German port) ships. At the moment, Academician Chersky remains in Nakhodka port, that is, they haven;t started to implement the second option, which means that the completion of the construction by the Swiss company is still the main option," the leading analyst of the National Energy Security Fund stressed.

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