As is known, previously imposed sanctions and threats of imposing such sanctions against companies, involved in the implementation of the Nord Stream-2 gas pipeline construction project, suspended work. At the moment, part of the Baltic branch with a total length of up to 150 km. Under American pressure Allseas marine contractor (Switzerland) was forced to withdraw his pipe-laying vessels from the construction area. It happened at the end of December..
A separate question, a Swiss company would have completed its work in the absence of an American sanction package? Indeed, in the end, the coronavirus pandemic “crumpled” all the work in the world. And if Allseas didn’t have time to complete what was started before February, today the gas pipeline would not have been completed anyway.
But this is not important. the important thing, that work with SP-2 will be completed anyway. Yes, they will be delayed in time, including due to American sanction pressure, but in the end those forces in the USA, which hinder construction today, will lose.
Why? A few reasons
The thing is, that numerous financial interests are “tied” to the project, including those, which are very indirectly related to Russia itself. for example, one of the largest investors in the project is Shell, registered in the UK and headquartered in the Netherlands. Shell Shares Rotate Including New York Stock Exchange. The same exchange, which, after a long downtime and billions in losses, promised to resume its full-fledged work 15 May.
If the United States decides to “finish off” the Nord Stream 2 project, then Shell shares, already suffering losses amid extremely low oil prices, will get a new impulse to fall. And these are additional cons, including for the american economy, for which the New York Stock Exchange is a major player. Little of, this is an additional reduction in the company's jobs due to lost profits on SP-2 and actually lost investments. And the additional loss of jobs in the British-Dutch company is a folding (more-less) other energy projects, from which high returns are expected with increasing hydrocarbon prices.
Another reason is, that for the United States today is not the time, to be intensely distracted by the European energy market. At first, we need multibillion-dollar investments in our own shale industry. Secondly, US is on the verge of presidential election. Thirdly, The US is faced with large-scale crisis in the economy against the backdrop of well-known events.
Therefore, voters are unlikely to understand their power., if they put geopolitical ambitions above urgent measures, what the US economy needs at the moment. It will be difficult for presidential candidates to explain to a worker from Texas or Colorado, why now you need to additionally “chop” your own market and the allied market (the same Britain), to certainly “confront Putin's Russia”. From the fable of Fr. “Russian intervention” American voters are already sick of. And if someone brings this topic to the surface again, it is unlikely to win the election. But the opponent’s attempts to distract the electorate’s attention with far-fetched problems and threats, far from US borders, can easily be used against the opponent himself - with the charge of, that he pays more attention to some distant gas pipeline, rather than domestic economic problems.
And what about Europe…
But there are also European interests. Yes, Europe gradually recalls, that her interests are not limited to the interests of American. The same Europe, who now knows perfectly, how do they behave in the USA in a crisis: cut off economic ties with one click, that Europe didn’t care about security. It is the European solution that will ultimately bring the project to the end. For the badly battered economy of the Old World, this is a question, who can directly decide her own energy future.
Alexander Chernov
