Mon. Dec 9th, 2019

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United States warns Europe on Nord Stream 2

2 min read
Nord Stream 2

Nord Stream 2

US Energy Secretary Perry warned that the controversial Nord Stream 2 natural gas pipeline would increase Russia’s political influence on European Union foreign policy.

Perry said the pipeline carrying Russian gas to Germany “would deliver a stunning blow to Europe’s energy diversity and security.”

“It would increase Russia’s leverage over Europe’s foreign policy and Europe’s vulnerability to a supply disruption,” Perry told an energy forum

Perry said the Baltic sea pipeline, together with the TurkStream pipeline, which will supply Russian gas to Turkey via the Black Sea — “would enable Moscow to end gas transit through Ukraine by the close of the decade.”

“Nord Stream 2 is designed to drive a single source gas artery deep into Europe and a stake through the heart of European stability and security,” Perry said.

He said the United States “were ready, were willing and were able” to increase European energy security by providing alternative sources, notably liquified natural gas and civil nuclear capabilities.

“We support multiple routes to deliver energy across Europe. Along with energy choice we support free and open markets… we oppose using energy to coerce any country,” he said.

Russian Multinational DROPS ‘dollar’

One of the world’s top oil producers and exporters, Russia’s Rosneft, is ditching the U.S. dollar for euros when it comes to all future deals.

The switch to euros is said to limit the company’s vulnerability to potential future sanctions by the U.S., Reuters reported on Thursday.

“Rosneft has recently adjusted all the new contracts for export supplies to euros. We’ve been notified,” a trader from a company that regularly buys from Rosneft told Reuters.

Three more traders confirmed that Rosneft has chosen the euro as the default currency going forward.

Since the benchmark oil prices are quoted in U.S. dollars, Rosneft is now asking traders to use euro/dollar exchange rate when calculating the final payment.

“Rosneft used to have the euro as one of the options, but since last month it’s the main option. We’ve been notified, but still, it’s a visible change,” one trader said.

Rosneft is Russia’s largest oil company, exporting about 120 million tonnes of oil a year.

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