- Industry and Energy
Ischinger: Sanctions against Russia pose threat on European energy security
Sanctions against Russia may be profitable for US companies, but undermine European energy security. Therefore, adoption of current edition of the newly-drafted bill is unacceptable, Chairman of the Munich Security Conference Wolfgang Ischinger said in his article published in the Wall Street Journal.
According to him, the sanctions against Russia will not succeed, however, occurrence of new problems is inevitable: “If the bill is not revised comprehensively, European energy security will face serious threat. This will affect the existing relations between US and Europe. Only Russia will benefit from this situation”.
Ischinger noted that the bill drafted by the US legislative authority serves interests of Washington and does not taken into account the interests of Europe. So, the sanctions affect Nord Stream – 2, which is attended by both Russian and European companies. He says that the claims about construction of abovementioned pipeline have been exaggerated: “This issue should be settled in Washington. Nord Stream – 2 is the issue of Europe and the Europeans should discuss its construction. For instance, how would the US have reacted if Europeans had adopted a bill against Keystone XL pipeline but in favor of European business? ”
The chairman adds that the bill will also negatively affect the US companies in other countries. So, transportation of Azerbaijani gas to Europe may be halted due to participation of Lukoil. This will undermine the energy security of the EU, and American firms will have to abandon projects in which Russian companies are involved all over the world.”.
Ischinger also said that adoption of the bill this could lead to the halt of two-thirds of the export of "black gold" from Kazakhstan, which goes through oil pipelines with Russian participation: “For Europe, the loss of such large oil or gas supplies from Russia is unacceptable: there are no alternatives”.
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