US targets individuals and companies involved in constructing Russia's Nord Stream 2 with new sanctions

The US Department of State has announced additional sanctions against several individuals and companies already sanctioned under US laws for their involvement in the construction of Russia's Nord Stream 2 natural gas pipeline.

Source: European Pravda, citing the press service for the US Department of State

Details: The sanctions target several individuals who were previously penalised for their involvement in the Nord Stream 2 gas pipeline project under the Protecting Europe's Energy Security Act (PEESA). Additionally, sanctions have been imposed on new owners of ships that were already subject to these restrictions.

The new sanctions are imposed under the regime established by Executive Order 14024, which authorises sanctions in response to the harmful foreign activities of the Russian Federation government.

The list contains eight Russian companies, the Russian Maritime Rescue Service, 17 vessels, MTV LLC and its founder Matthias Warnig, previously the CEO of NORD STREAM 2 AG, and the NORD STREAM 2 AG itself.

The sanctions regime mandates the freezing of assets within the United States or those controlled by US individuals or entities. It also prohibits US persons from engaging in transactions related to the property or interests of the sanctioned individuals, with limited exceptions that require authorisation. This includes a ban on transferring funds, property, or services to or from the sanctioned persons.

Background:

• The Nord Stream 2 gas pipeline, which Russia invested billions of euros into, was never operational after its completion due to the outbreak of the full-scale war and the subsequent sanctions imposed on it.
• In September 2022, one of the branches of the Nord Stream 2 pipeline, next to Nord Stream 1, was damaged in explosions suspected to be acts of sabotage. The investigation is still ongoing.
• In 2024, Nord Stream 2 AG lost a lawsuit in the EU Court of Justice regarding a directive that extends the internal natural gas market rules to gas pipelines originating from third countries.

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