Germany abandons the Nord Stream 2 pipeline

[PocketOption]

Germany abandons the Nord Stream 2 pipeline

Germany abandons the Nord Stream 2 pipeline

Germany has halted construction of the contentious Nord Stream 2 pipeline in response to ’s incursion into e.

A subsidiary of ’s state-owned Gazprom owns the undersea pipeline, designed to transport natural gas directly from  to northern Germany. Berlin has previously expressed reluctance to impose sanctions that would have an impact on Nord Stream 2.

Scholz, however, stated at a press conference on Tuesday that “the situation today is fundamentally different, and thus, in light of recent events, we must also reassess this situation, also about Nord Stream 2.”

Shortly after, the economy ministry announced that the certification process would halt.

Scholz’s decision came after n President Vladimir Putin ordered troops into the self-proclaimed “people’s republics” of Donetsk and Luhansk in eastern e on Monday night, a surprise move from Scholz, who had avoided even mentioning the pipeline by name in recent days.

e has long regarded the €10 billion project completed in September but has yet to begin operations as a security threat. Nord Stream 2 bypasses e, and Kyiv has expressed concern that this would allow  to cut off gas transport via existing land pipelines, costing e billions of dollars in transit fees. Scholz, speaking at a press conference alongside Irish Prime Minister Micheál Martin, described ’s decision to recognize the separatist areas as independent as a “serious breach of international law.”

A spokesman for British Prime Minister Boris Johnson praised the move as well. “It’s certainly something we’ve said repeatedly in conversations and publicly. Being so reliant on n hydrocarbons is not beneficial to Europe.

The decision comes as Europeans face record-high power bills, owing mainly to a gas supply shortage. The Continent is heavily reliant on n gas, which accounted for more than 42 percent of EU pipeline imports last year.

 

The post Germany abandons the Nord Stream 2 pipeline appeared first on FinanceBrokerage.

Source: Germany abandons the Nord Stream 2 pipeline