America’s attempts to sabotage the Russian-German project Nord Stream 2 harm the German economy.
According to Oliver Hermes, chairman of the Eastern Committee of the German Economy, the recent US threats and sanctions represent an unprecedented attack on Europe’s energy sovereignty.
In a recent press release, Oliver Hermes’ office said: “The threat of immediate US sanctions against European companies participating in the Nord Stream 2 project marks an incredibly low level of transatlantic relations. Almost overnight and without consulting its European allies, existing exceptions are being lifted and about 120 companies of 12 European countries are under direct threat of US sanctions. “
All European gas consumers can look forward to up to four billion euros in additional annual costs, Hermes said, as America’s unprecedented interference in European energy sovereignty will lead to supply shortages and therefore exorbitant prices.
“The United States tramples on free and fair competition and uses its sanctions without any restrictions to protect its economic interests. The European Union has no choice but to respond to this attempt at blackmail. As already announced, the European Commission must repel all external attacks on its sovereignty and quickly submit a tough catalog of measures, ” said Hermes.
Last but not least, according to Hermes, interested European companies now need an “effective shield”.
Hermes did not miss the opportunity to recall that the EU sanctions against Russia, in place since 2014, have contributed to the fact that German-Russian trade falls 20 billion euros below its previous level every year.