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Seeking Alpha: Senators to push sanctions bill on Russia’s Nord Stream 2 pipeline

Senators to push sanctions bill on Russia’s Nord Stream 2 pipeline

|About: Public Joint Stock Company … (OGZPY)|
By: , SA News Editor

A bipartisan group of U.S. senators is set to introduce legislation that would expand sanctions against Gazprom’s (OTCPK:OGZPY) Nord Stream 2 gas pipeline between Russia and Germany by targeting insurance companies that work with Russian vessels on completion of the project.

Senator Ted Cruz, one of the sponsors of the legislation, says the pipeline poses “a critical threat to America’s national security and must not be completed.”

The bill would expand sanctions to companies that provide “underwriting services or insurance or reinsurance” for vessels working on the pipeline as well as those that provide “services or facilities for technology upgrades or installation of welding equipment for, or retrofitting or tethering” of vessels.

Nord Stream 2 is led by Gazprom, with European partners Royal Dutch Shell (RDS.A, RDS.B), BASF’s (OTCQX:BASFY) Wintershall unit, Engie (OTCPK:ENGIY), OMV (OTCPK:OMVJF) and Uniper (OTC:UNPPY).

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