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Nord Stream 2: Germany at risk of compensation claims in case of dropping project

Source : 112 Ukraine

18 companies have already withdrawn from the Nord Stream 2 project
12:47, 1 March 2021

Nord Stream 2
Reuters

Germany might face compensation claims in arbitration courts if it suspends the Nord Stream 2 project, Environment Minister Svenja Schulze told the Welt am Sonntag newspaper, as Deutsche welle reports.

Related: Is there a hydrogen future for Nord Stream Two?

The minister stressed that it was not an option for Germany to immediately abandon gas, nuclear power, and coal, adding that the country will need gas for the upcoming years.

“We also run the risk of ending up in international arbitration with compensation claims if we stop the project,” Schulze said.

Related: European companies back out of Nord Stream 2: US report

As we reported earlier, French insurance and investment group of companies AXA Group left the project of Nord Stream 2 pipeline construction. AXA Group's Chief Risk Officer Alban de Mailly Nesle reported that at a press conference.

According to the official, the French group made the decision following the similar moves made by other companies. He did not specify the reasons for such a decision.

It became known that another 17 companies refused from further cooperation within this project.

In December 2019, the U.S. introduced sanctions against the companies laying the Nord Stream 2 pipeline, and Gazprom, the Russian gas monopolist decided to finish the construction works only with Russia's production capacities.

Related: Nord Stream 2: Poland prepares resolution urging Germany to withdraw from project

 

 

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