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Shell asks US Congress not to impose sanctions on Nord Stream 2

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Reuters is reporting that Royal Dutch Shell has asked the US Congress not to impose sanctions against the Nord Stream 2 gas pipeline project.

Earlier this year, a US Senate committee passed a bill recommending sanctions on companies and individuals involved in building the pipeline project running between Russia and Germany. The Trump administration also holds a negative view of the project, believing that it will provide Russia with an opportunity to strengthen its economic hold on Europe.

Shell’s primary concern and point of contention is that if the legislation under consideration in the US Congress is passed, it will affect all the companies involved in the project, including itself.

Other companies who, like Shell, are providing financial support for the project and therefore may also be at risk of being sanctioned under the new legislation include: Germany’s Uniper and Wintershall, Austria’s OMV and France’s Engie.

According to Reuters, Cederic Cremers, head of Shell’s business in Russia, justified Shell’s support for the Nord Stream 2 project in the following statement: “European domestic gas production continues to decline, and Europe will soon need additional gas supplies both in the form of LNG and pipeline gas… At Shell we believe in the future of gas for Europe and that progressive use of natural gas can contribute significantly to the reduction of CO2 emissions.”

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