Economy

Sechin: Sanctions can be imposed anytime and against any company

16:21, 22 October 2020 30
Photo: Sergey Bulkin/NEWS.ru

The US and European sanctions are becoming groundless and unpredictable, while their actions impede the recovery of the global economy, Rosneft chief Igor Sechin has said.


The sanctions pressure used by the United States and the EU has moved to a qualitatively new level over the past years. No justification is now required for the imposition of sanctions. They can be introduced at almost any time against any company or even an individual, Sechin said, speaking at the Eurasian Economic Forum.

According to him, the issue of sanctions will hinder the recovery of markets and the global economy. He cited the pressure on the Nord Stream 2 project, which is included in the US defense budget bill.

According to the operator of the project, the expanded restrictions against the Nord Stream 2 gas pipeline, announced by the United States, will affect the activities of more than 120 enterprises from 12 European countries. However, the operator did not comment on the potential impact of the sanctions on the companies involved in the project. At the same time, Nord Stream 2 AG expressed their hope for the earliest possible commissioning of the gas pipeline, as it meets the interests of energy security and competitiveness of Europe and contributes to European consumers' economic prosperity.

The US Department of State earlier announced a decision to expand sanctions against the Nord Stream 2 gas pipeline shortly. The agency called on Russia to stop using its energy resources to put pressure on other states.

If the documents' package is approved, then companies helping to modernize or install equipment on ships used for pipe-laying may fall under the new restrictions, the State Department said in a statement.

Nord Stream 2 envisages two pipeline strings with a total capacity of 55 billion cubic meters per year. They will stretch from the Russian coast across the Baltic Sea to Germany.

Communications will also pass through Finland, Sweden, and Denmark. Gazprom's European partners are German Uniper and Wintershall, Austrian OMV, French Engie, and Anglo-Dutch Shell. The construction cost is estimated at €9.5 billion, with Western enterprises accounting for half of this amount.