Sanctions on Nord Stream 2 Hinder Post-Covid Economic Recovery, Rosneft CEO Says

Sanctions on Nord Stream 2 Hinder Post-Covid Economic Recovery, Rosneft CEO Says

GENOA (Sputnik) - Sanctions, including those that target Nord Stream pipeline project, are hindering the world's economy from recovering after the shock of the coronavirus pandemic, Igor SECHIN, the president and CEO of Rosneft, said in his address to the Eurasian Economic Forum in Verona.

"The sanctions will get in the way of economic recovery. The pressure on the Nord Stream 2 project is a clear example of that", Sechin told the forum.

According to the Rosneft CEO, the economic recovery and the oil demand growth can begin as early as 2021, but it would require a coordinated effort.

Earlier this week, the US Department of State announced that it had rolled out sanctions to companies that "provide services or facilities for upgrades or installation of equipment for those vessels" that are being used to lay the Nord Stream 2 pipeline.

In December 2019, a threat of US sanctions forced Swiss pipelaying company Allseas to quit the project with just 100 miles of the pipeline left to go, so Russia is now finishing Nord Stream 2 on its own.

The deal to build Nord Stream 2 was signed between Gazprom, Royal Dutch Shell, E.ON, OMV, and Engie in 2015. However, Washington has been creating difficulties for the project, citing "security implications", and trying to force Germany to ditch the project.

Moscow has repeatedly rejected American allegations about the pipeline, saying that the US wanted to stop Nord Stream in order to force European countries to buy American liquefied natural gas (LNG).

Source: sputniknews.com

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