The controversial Baltic Sea pipeline Nord Stream 2 has always been a thorn in the side of the US government, because the pipeline would make Europe even more dependent on Russia in exchange for cheap natural gas. After one of the two Nord Stream 2 pipelines was blown up in September 2022, there were several media reports that Washington was aware of the act of sabotage. Now the still intact part of the line could end up in American possession.
An American investor and supporter of Donald Trump is being discussed as a potential buyer of the closed pipeline. According to a report in the Wall Street Journal, financier Stephen Lynch has asked the US government for permission to bid in a possible auction in Switzerland. It would be a unique opportunity to bring European energy supplies under American and European control, he told the newspaper.
“Pressure in negotiations with Russia”
Lynch also argued with the U.S. government that ownership of the pipeline could provide leverage in negotiations with Russia to end the war in Ukraine, the report said. He is betting that the natural gas pipeline will be sold at auction if a bankrupt subsidiary of Russian energy giant Gazprom cannot restructure its debts and its assets are liquidated.
Doing business with companies subject to sanctions requires express authorization from the U.S. government. The undersea pipeline between Russia and Germany was completed in 2021, but was never operated commercially. One of the two lines was damaged by explosions in September 2022, the second is intact. In the case of the Nord Stream 1 line, both pipes were damaged. Given Russia’s war of aggression in Ukraine, Russian natural gas supplies are currently not in question.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
