German Uniper Warns It Might Impair Nord Stream 2 Loan If U.S. Sanctions Impede Project

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German Uniper Warns It Might Impair Nord Stream 2 Loan If U.S. Sanctions Impede Project

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German company Uniper, Gazprom’s partner on Nord Stream 2 appears to have frozen construction of the project.

Uniper, which is one (not the only one) of Gazprom’s financial partners in the Nord Stream 2 project, admitted that the pipeline under the Baltic Sea could potentially never be completed. This is stated in the company’s report for January-June.

[pdf]

“Nord Stream 2: Project Failure Risk

With the US intensifying their efforts on targeted sanctions against the Nord Stream 2 project the probability of a delay or even non-completion of the pipeline is increasing.

Uniper actively monitors the situation and takes all required actions to ensure compliance with applicable rules.

Uniper is also in constant exchange with relevant stakeholders about the updated grandfathering guidance on CAATSA (Countering America’s Adversaries Through Sanctions Act) by the US Department of State.

Nord Stream 2 is working to mitigate the effects of the currently still suspended pipelaying activity and to bring the project to completion. A completion of the project receives strong political support from several country governments as well as the EU.

The Nord Stream 2 Project failure risk continues to qualify as a major individual risk for Uniper. In case the project can ultimately not be completed Uniper may have to impair the loan provided to Nord Stream 2 and forfeits the planned interest income.”

The company noted that Nord Stream 2 now enjoys the support of the governments of a number of countries. However, they warned that if it becomes clear that the project will not be completed, then Uniper may have to write off the loan provided to the company, which will lead to a shortfall in the planned income.

Uniper is not disclosing the size of the loan.

“NOTE:

Impairment is a permanent decline in the value of an asset. This situation exists when the cash flows or other benefits generated by an asset decline, as determined through a periodic assessment. If there is impairment, then the difference between the fair value of the asset and its carrying amount is written off.

A loan is considered to be impaired when it is probable that not all of the related principal and interest payments will be collected.

The company is one of the financial backers of the $11.2 billion project led by Russia’s Gazprom, along with Austria’s OMV, Wintershall DEA, Shell and France’s Engie.

“We do not comment on the potential consequences of the threats of US sanctions and current legislative initiatives in the United States,” Nord Stream 2 press service commented on the matter.

At the end of July, the US Congress approved new sanctions against Nord Stream 2. These are restrictions against any vessels involved in construction. The sanctions will also affect companies that provide insurance for ships, their maintenance, and the installation of special equipment on them.

On August 6th, a group of US senators threatened “financial destruction” of Fährhafen Sassnitz GmbH, the operator of the port of Mukran on the island of Rugen. It is there that the pipes for the branches of the gas pipeline are stored, and also there are two vessels capable of completing the construction of the gas pipeline – the Akademik Chersky pipelayer and the Fortuna pipelayer.

Earlier, US President Donald Trump called the fight against Nord Stream 2 one of his achievements. According to him, in this way he protects Germany and German taxpayers, for whom it is unprofitable to pay Russia billions of dollars for energy resources.

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HiaNd

This “finishing” of Nord Stream 2 is becoming never ending story….
Hope Russia will find way to respond on U.S. moves.

gryzor84

they already have my friend, all the US can do is to play on its persisting dominant status in the eyes of the Eurovassals, but this will only delay the inevitable. Europe *needs* that project. Russia has the know-how AND finances to go forward if need be, as they’ve demonstrated by replacing the Swiss part already.

HiaNd

So it seams ….but US also keeps coming back with new nuisances.
If anything in process would depend on German independent opinion and open and full opposition to U.S. than that project is in serious jeopardy.
They are in vassal state of mind.

gryzor84

yes it is indeed relentless in its desperate attempts to keep what it perceives as its continued hegemony. Yet times have changed and while they still dominate Western Europe, they can’t stop long-term partnerships like that so easily. An hour ago the German foreign minister published a joint communique with his Russian counterpart in a surprisingly strongly-worded fashion about the issue, you should have a look, things might be getting interesting… https://www.rt.com/news/497691-germany-maas-sanctions-energy-us/

HiaNd

don’t hold your breath, I have seen wording like that from Germany before…they do it because of strong pressure they receive from their rich captains of German industry…

They talk the talk but will they walk the walk ?!
Will their over night grown balls be big enough to challenge US openly?
US contract with Germany is that they are in charge of EU-rope as long as they don’t challenge US global dominance (including dominance over Germany)

gryzor84

Sadly, I mostly agree with you. Still,not so much out of some new form of political courage, but rather by a growing and inescapable realization that no matter what they do,the US will continue methodically dismantling core European interests ,event the most willing vassal leaders will somehow end up being constrainted and relunctantly respond to such pressure, simply because it would en up questionning their own fortunes and hold onto power at home. The US as it is knows it has to compensate for its ailing hegemony by crushing the bloc. It has seen its inefficiency towards China and its now well-oiled tit-for-tat policy. It knows Russia doesn’t even have the required volume of trade with them to be truly impacted by any sanctions or tarifs. So that leave us with the Old World, and its dire lingering political weakness both as a bloc AND as individual states. They are the ideal,if not natural target for anyone in charge on Washington tasked with keeping the Dollar boat afloat. This is Marshall Plan all over again, except that Europeans this time certainly have none of the excuses they once had right out of the war to justify their submissive behavior. They are a bigger market for US firms than they are for them,a leading industrial and technology center of the world,and could counteract with even more disruptive punch than China if they once in their existence acted united. But they never will. Too bad for them.

HiaNd

“US will continue methodically dismantling core European interests”
I agree, well they’ll continue to the certain point, because animosity and reaction of Disunited European Union will become louder and US will continue to grow weaker because of serious economic situation and probable implosion of the dollar.
So the braking point between two sides will occur no doubt….But braking away from US dependence will brake EU as well.
Actually coming deep economic crisis will spare nobody and uncontrolled (illegal) emigration will become uncontrollable flow, an exodus that will trigger civil war like riots in Europe.
For me US is the Titanic that has hit the iceberg already, it’s just that passengers don’t know yet that ship is sinking.

gryzor84

Sadly, I have barely anything to add to your observation and assessment of both the US and Europe as soon-to-be former powers of old world along with their people whom will shoulder the brunt of their respective fall (and have already started to feel it big time, socially speaking). Europe simply began sinking a bit earlier due to the world wars.

HiaNd

“Europe as soon-to-be former power”
Maybe yes and maybe not…

One last thing to add… I honestly do not see alliance between core countries (Germany and France) falling apart ever. I only see pro US countries like Poland falling off and bringing EU to its own unsustainable end.
Germany and France will recreate new smaller more compact “EU” but this time that new (EU like) country will be Federation – one army , one foreign policy. A new European and global world power.So I do not think Europe soon-to be former power, will be the case after all.
Old European countries like France and Germany are too addicted to power to renounce it.
After falling apart I can see 3 distinct grouping of the countries and possible unions:
1) Old Europe France-Germany core (More or less Charlemagne Empire)
2) Scandinavian countries (around Sweden as central country)
3) “Visegrad group” Central European countries'(around Poland)

US will stick with the “5 eyes” Anglophone (Commonwealth) buddies
Russia and China alliance will continue to exist.

gryzor84 it was honor and real pleasure talking to you. I really do wish that I can say the same for the others but unfortunately that is not the case with the majority.

Harry Smith

Russia has another pipelines to China and Turkey, so European market is not really crucial like it was 10 years ago. Also LNG plants are constructed and thanks to USA, many EU countries have LNG terminals. The Nord Stream is crucial for Germany because pipeline gas is cheaper than LNG, that’s why Germany’s cost of energy is competitive. If Germany loses the Nord Stream 2 it means the beginning of slow decline. Of course only if Germans won’t allow nuclear power plants construction again.

HiaNd

I know all that you are saying….

I know about China and “Turk stream” (US will sanction Turk stream also)
You can say anything you want North Stream 2 is very important project (strategic) for Russia and Germany.
USA -LNG (as you have said) is very expensive (transport and gas itself) so it is a wet dream for U.S. to sell lots of that gas in the times of economic crisis…they can keep dreaming though.
I think that at the end Germany will be forced to do impossible and say NO to U.S. because losing Russian gas can send German industry into depression!

Harry Smith

Germany won’t lose Russian gas because they have Nord Stream 1. But without Nord Stream 2 Germany would have real difficulties with economy growth. And as Germany is 4th biggest economy in the world, USA would never lose the chance to deteriorate it.

HiaNd

what “economy growth” ?!
they would fight for survival if they are to replace Russian gas with US – LNG that is 30% more expensive.
Germany would “lose” Russian gas (North Stream1-2) if there is major military conflict (like attack Ukraine on Crimea or mass attack of Ukrainian army against Donbass or some kind of conflict with NATO because of situation in Belarus etc.

Harry Smith

And they can also hire Harry Potter to cast some bad magic on Nord Stream 2. Let’s be realistic bro.

HiaNd

If you exclude surprises in life that is not “realistic’
All I wanted to say that anything could happen.
Few years ago we couldn’t possibly imagine COVID19 bollocks globally.
Surprises do happen…

Harry Smith

ROFL! You said COVID-19 is surprise! ROFL!
Let me show you a quote by Prince Philip, the Queen’s Elizabeth consort, which he said in 1988:
“In the event that I am reincarnated, I would like to return as a deadly virus, to contribute something to solving overpopulation.”
COVID-19 is not a surprise, but a very good prepared special operation. Not say by price Philip, but by global elites. If you think I am crazy, let me suggest you to read what is written on Georgia Guidestones.

HiaNd

This is fucking thread on North Stream 2 and not on COVID 19 or Queen’s Elizabeth !!!
I lack your sens of humor also..
And I was being serious talking about surprises in life…
Where did I have ever mention COVID 19 and what that has anything to do whit subject we were talking about?!???
Do not jump from one subject to another or switch content the way it pleases you
I do not do this conversation to entertain you.
And I will not be ridiculed by your nonsensical change of the subject or direction of the conversation.

Or even better talk to yourself since you are obviously not

interested in what I have to say about anything.
Have nice day,evening…

Harry Smith

Those are your words in your comment above:
“Few years ago we couldn’t possibly imagine COVID19 bollocks globally”

HiaNd

²probably than it is my bad I am sorry,

all in all I had enough of this conversation

cechas vodobenikov

Russia #5, Germany #6 by GDP

Harry Smith

Not by GDP, but GDP(PPP). By nominal GDP Russia is at 11th place.

Lone Ranger

I wouldnt worry.
U.S. couldnt stop South Stream 1 and North Stream 1 they wont be able to stop North Stream 2 either.
They are kicking and screaming as they go under.
Germans should man up tho…

gryzor84

Precisely. The stakes are of strategic nature for several powerful European countries, and no matter how passionate is the inner of the vassals to just bow to Washington’s state banditry just to please it as the historic patron, they just cannot take the easy way out this time. At worse, it will be completed with legally valid Russian penalties and physical takeover of the relevant phases, just like it happened with the Swiss pipe-laying vessel replaced by a Russian one on the fly on its part of the project.

By choosing to be cowards in the face of their own core , long-term interests, they will relinquish their dignity to their helpless people, their sovereignty to Washington, and their image as a reliable bloc on major trade initiatives for decades to come. So be it if they continue to behave as obedient satellites while the trade balance between Europe and the US is to the former’s advantage and pressure points are plenty to use.

US senators have been calling for the “financial destruction” of a foreign firm hosted by an historical ally, now that’s new. I do not see a nuance compared to their tone when referring to say Iranian or Syrian firms. This kind of rogue and reckless behavior shouted verbatim out in the open with such hawkish tone is beyond belief and also exactly what is slowly but surely leading to the demise of the dollar and Wall Street as longstanding post-45 references.

All in all, I’m quite fine with the situation. It’s a lose-lose for the imperialist camp.

Tommy Jensen

The same thing that I said years ago.
These US sanctions could jeopardize and impede North Stream 2 so that the usury loans gets less attractive for Western Bankers to give……………………LOL.
Russia’s economy in tatters and Germany’s finances in misery. We won again……………….LOL.

AJ

Talk about an economy in tatters look at US over 50m unemployed, trillions in bail outs by the Fed, riots & cities burning!!

Lone Ranger

In a parallel Universe maybe…

cechas vodobenikov

durak! US economy non existent—25 trillion $ debt—Russia billions in reserves….US economy contracted by 30%—plywood nation
Russia self sufficient w positive balance of trade w all nations…USA negative balance of trade w nearly all nations except a few colonies–Guam, Virgin Is
LOL
not enough meth in your trailer park to think?

AM Hants

So Gazprom steps in and will get an even bigger slice of the pie, when profits come rushing in.

Putin Apologist

Germany has to decide, does it want to be a sovereign nation or under the boot of the Jew. There was a time when we Germans knew the answer… but today there is only confusion.

HiaNd

“Confusion” will last as long as elected politicians are selected and green lighted as “politically correct” by US.
Not everybody in Germany likes US or German position of servitude

Putin Apologist

Germans with revolt against our would-be Western masters as we have done five times before in our history, against Romanization, against Christianization, against Catholicism, for our own nation (nationalism) and against liberalism, it’s only a matter of time before we do it again.

FlorianGeyer

Well, please hurry up and get the job done.

StopIsraeliGenocideInPalestine

Germany is occupied by US, British fascist troops.

cechas vodobenikov

a distraction–NS will be completed in 6 months….the desperate empire cannot compete—the USA is near collapse (less than 10 years per Galtung)