U.S. Senate panel sets hearing on Russian gas pipeline amid Ukraine concerns

Commodities53 minutes ago (Sep 23, 2021 12:00PM ET)

(C) Reuters. FILE PHOTO: Workers are seen at the construction site of the Nord Stream 2 gas pipeline, near the town of Kingisepp, Leningrad region, Russia, June 5, 2019. REUTERS/Anton Vaganov/File Photo

WASHINGTON (Reuters) – The U.S. Senate Foreign Relations Committee scheduled a closed-door hearing on Sept. 29 to discuss Russia’s Nord Stream 2 natural gas pipeline, which several lawmakers say could harm allies in Eastern Europe.

Amos Hochstein, senior adviser for energy security at the U.S. Department of State, will testify, according to the committee’s website.

Both European and U.S. lawmakers, including both Democrats and Republicans, opposed the $11 billion pipeline, which could allow Russia to double lucrative gas exports to Germany and other parts of Europe while bypassing and cutting off a source of income for political foe Ukraine.

Russia’s Gazprom (MCX:GAZP) said earlier this month it had finished construction of the pipeline, which would deliver gas from the Arctic via the Baltic Sea.

The Biden administration has urged Germany to find ways to ensure Russia cannot use the pipeline to harm Ukraine or other allies in Eastern Europe.

The Biden administration concluded in May that Nord Stream 2 AG, the company behind the project, and its chief executive engaged in sanctionable behavior. But President Joe Biden waived the sanctions to allow time to work out a deal and continue rebuilding ties with Germany that were badly frayed during former President Donald Trump’s administration.

The president is under intense pressure from members of Congress to halt the waiver and impose the sanctions. Republican Senator Ted Cruz, a member of the foreign relations committee, is holding up many of Biden’s nominees for State Department posts until the sanctions are put in place.

U.S. Senate panel sets hearing on Russian gas pipeline amid Ukraine concerns

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

More from author

Subscribe

Related posts

Latest posts

China raises $4 billion in U.S. dollar bond deal

Stock Markets12 minutes ago (Oct 19, 2021 08:30PM ET) (C) Reuters. By Scott Murdoch HONG KONG (Reuters) - China has raised $4 billion through a...

U.S. House committee backs contempt charge against Trump aide Bannon

World21 minutes ago (Oct 19, 2021 08:22PM ET) (C) Reuters. FILE PHOTO: Former White House Chief Strategist Steve Bannon exits the Manhattan Federal Court, following...

U.S. House committee backs contempt report on Trump aide Bannon

Sign In/Free Sign Up 0 World24 minutes ago (Oct 19, 2021 08:18PM ET) (C) Reuters. FILE PHOTO: Former White House chief strategist Steve Bannon...

Categories

Want to stay up to date with the latest news?

We would love to hear from you! Please fill in your details and we will stay in touch. It's that simple!