Sunday, February 28, 2021

Germany At Risk Of Compensation Claims In Case Of Dropping Nord Stream 2 - Minister - UrduPoint

Nord Stream 2

 Berlin might face compensation claims in arbitration courts if it suspends the Nord Stream 2 project, Environment Minister Svenja Schulze told the Welt am Sonntag newspaper.

The minister stressed that it was not an option for Germany to immediately abandon gas, nuclear power, and coal, adding that the country will need gas for the upcoming years.

"We also run the risk of ending up in international arbitration with compensation claims if we stop the project," Schulze said.

Nord Stream 2 is a joint venture of Russian energy company Gazprom and five European partners, aimed at the construction of a twin pipeline to deliver Russian gas to Germany beneath the Baltic Sea. The project is largely criticized by Washington, which calls it a threat to the energy security of Europe and Ukraine in a bid to promote its own more expensive LNG instead.

In this regard, the pipeline is a target of US sanctions, which already prompted several companies to quit the construction.

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