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23 Dec, 2019 15:13

US sanctions on Russian pipeline is a declaration of 'economic war' that will backfire on American business interests

US sanctions on Russian pipeline is a declaration of 'economic war' that will backfire on American business interests

It may be “quite favorable for Russia” to finish the Nord Stream 2 construction by itself, says German business newsletter publisher Dr Eike Hamer, as European companies participating in the project are targeted by US sanctions.

Hamer told RT that the costs of completing the pipeline will definitely be much higher after the Swiss-Dutch company Allseas announced it is quitting the project.

The delay could be a few months but what’s “more important is that the pipeline is going to be finished.”

According to the economist, the Russian energy major Gazprom, which is leading the Nord Stream 2 project, could “surely” sue European companies for winding up operations “unless it was excluded in the contracts.”

Also on rt.com Russia has ships to complete Nord Stream 2 pipeline without European help

“The sanctions and promises for additional contracts by the Russians could be much more favorable and be a better deal for Allseas than the US sanctions, which are against international law,” he said.

“Afterwards, all costs can be saved from sending less oil and gas via the US-puppets Poland and Ukraine, or increase local taxes on US oil firms in Russia or Anglo-American shareholders of Russian companies,” Hamer said, noting “In the end, benefits will overwhelm the costs in the project by far.”

He pointed out that “This is an economic war the US has started already.” According to the publisher, the delay in the construction of the Russian gas pipeline “will cause inconvenience but not a severe problem.”

Also on rt.com US sanctions on Nord Stream 2 is Trump’s ‘bogeyman story’ for Europeans, but he can’t stop the Russian pipeline – Alexander Rahr

“The problem arises for the Anglo-American forces that made up the sanctions because they will be regarded as a difficult and dangerous business partner,” he said. “Who trusts an Anglo-American firm in future when you never know if you are sanctioned, threatened of not completing your work? In that sense the US has much more to lose than the rest of the world.”

Russian Prime Minister Dmitry Medvedev has ordered the Cabinet on Monday to think over Russia's possible response to Washington's sanctions against the Nord Stream 2 project.

For more stories on economy & finance visit RT's business section