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Germany Blocks Nord Stream 2 Pipeline Approval
Russia’s embattled Nord Stream 2 pipeline has been blocked from final approval by German regulators, teeing up more possible geopolitical chaos in a move likely to infuriate the Kremlin. The share price of Gazprom, which owns the disputed pipeline, dropped immediately after the announcement from Germany’s gas regulator that the project cannot be certified to begin operations because the pipeline operator is registered in Switzerland, not Germany. The regulator said Nord Stream 2 has already agreed to establish a German subsidiary but the “certification procedure will remain suspended until the main assets and human resources have been transferred to the subsidiary.”
It was not immediately clear how long this process could take, but the pipeline has already been plagued by numerous delays and setbacks, and it was the target of U.S. sanctions until the Biden administration eased its stance earlier this year, against objections from Ukraine and Poland. Many in the West fear the pipeline, which will transport gas from Russia to Germany and other European countries, will be weaponized by the Kremlin in a bid to hold sway over Europe. Moscow has already been accused of playing dangerous political games with the pipeline, with critics saying the Kremlin deliberately slowed gas supplies to Europe in an attempt to expedite the Nord Stream 2 certification process.
Read it at Deutsche Welle
http://www.thedailybeast.com/germany-blocks-nord-stream-2-pipeline-approval?via=newsletter&source=CSAMedition
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