Germany to create a fund to bypass US sanctions on Nord Stream 2

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Germany to create a fund to bypass US sanctions on Nord Stream 2

The parliament of the German federal state of Mecklenburg-Vorpommern has decided to create a fund in support of the Nord Stream 2 project. The overwhelming majority of MPs voted for this initiative during the discussion, Zeit Online reports.

According to the Prime Minister of the state Manuela Schwezig, first of all, the fund will have to promote projects that help protect the environment and climate. However, he will also have the opportunity to participate in the completion of the pipeline, which can be used by interested parties, depending on whether the US continues to use the instrument of sanctions against European companies. For example, the fund is considering the idea of purchasing components and equipment needed to complete the construction of the gas pipeline.

In this way, he will help German companies to circumvent US sanctions. It is assumed that project participants will interact with each other through this structure, which in theory will protect them from restrictive measures.
Former Prime Minister of Mecklenburg-Western Pomerania Erwin Zellering is to become the honorary chairman of the fund.

The gas pipeline from Russia to Germany was supposed to be completed at the end of 2019, but this was prevented by US sanctions. Due to restrictions, the Swiss company Allseas withdrew from the project, providing the pipelayer. Russia had to look for another vessel, and the project delivery date was postponed indefinitely.

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