01 Jul 2020
The European Commission is preparing measures to protect the European Union as it faces threatened U.S. sanctions, which could break international law, on a link to carry gas directly from Russia to Germany, the EU’s foreign policy chief said.
U.S. senators this month announced a bill tightening sanctions on the Nord Stream 2 pipeline, designed by Russia’s Gazprom (GAZP.MM).
Washington says the link, due to begin operation early next year, will boost Moscow’s economic and political influence in European countries.
“The EU’s position on U.S. sanctions against European companies that carry out legitimate and lawful activities under European law is unequivocal. They are unacceptable and contrary to international law, and the Union firmly opposes them,” Joseph Borrell said in a written response dated June 25.
“The Commission is preparing the ground for the adoption of an enhanced sanctions mechanism that will improve Europe’s resilience to the effects of extra-territorial sanctions imposed by third countries.”
By Kate Abnett and Vera Eckert, Reuters, 29 June 2020
Read more at Reuters
RiskScreen: Eliminating Financial Crime with Smart Technology
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet