Financial and business news from Bulgaria

New US sanctions hit Nord Stream 2

International certification and classification company Det norske veritas-DNV (Det Norske Veritas - DNV GL) confirmed the cessation of all certification activities of the Nord Stream-2pipeline due to the new US sanctions. This was announced by company spokesman Robert Kovny.
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"In November 2020, the DNV ceased to provide services to ships serving North Stream-2. Our company is about to stop all activities for inspection of the gas pipeline system,” the company said.

From there, they stress that this statement was made following the adoption of new legislation in the US that companies providing testing, verification or certification services for Nord Stream-2" are subject to sanctions.

On January 1st, the defence budget provisions, including the extension of sanctions against Nord Stream-2 and Turkish Stream pipelines, came into force in the US.

The Nord Stream-2" project involves the construction of two pipeline lines with a total capacity of 55 billion cubic meters per year from the Russian coast through the Baltic Sea to Germany.

To date, 94 percent of the pipeline has been built. Work was suspended in December 2019 after Swiss company Olsies (Allseas) abandoned pipe laying because of possible US sanctions.

A year later, however, on 11 December 2020, work was resumed with the Russian ship “Fortuna”, which laid the pipes in Germany's exclusive economic zone.