US Targets Russian Nord Stream-2 Gas Project: Déjà Vu Story
The US Countering Iran’s Destabilizing Activities Act of 2017 contains a separate section called the Countering Russian Influence in Europe and Eurasia Act (“CRIEEA”). CRIEEA authorizes – and at times requires – the President to impose significant new sanctions on the Russian energy, financial, and defense sectors, imperiling the completion of the Russian Nord Stream 2 gas pipeline. It also hits European businesses involved in the project. The legislation can impact a potentially large number of European companies doing legitimate business under EU measures with Russian entities in the railways, financial, shipping or mining sectors, among others. Now the US punitive measures could include the pipelines crossing the territory of Ukraine, as well as pipeline projects in the Caspian region and the development of the Zohr gas field off the coast of Egypt. The law negatively affected the US relationship with European allies.
Russian President Vladimir Putin believes that the world is witnessing an increasing number of examples of politics crudely interfering with economic, market relations. In his address to the final plenary session of the 14th annual meeting of the Valdai Discussion Club on October 19, Putin said “Some do not even conceal that they are using political pretexts to promote their strictly commercial interests. For instance, the recent package of sanctions adopted by the US Congress is openly aimed at ousting Russia from European energy markets and compelling Europe to buy more expensive US-produced LNG although the scale of its production is still too small.”
The US is striving to control the EU decision-making process. According to Washington’s logic, building a pipeline to reduce costs and raise reliability and efficiency proves that Russia is politically motivated, unlike the US with its new law adopted to pave the way for American LNG exports to Europe using coercive measures!
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