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US Bill Against Nord Stream 2 Proposes Sanctions for Insuring Pipelaying Ships

WASHINGTON (Sputnik) - US Senators have suggested that the United States should be able to impose at least five types of sanctions on individuals or entities that insure or underwrite pipelaying ships engaged in the construction of Russian pipelines for energy exports below sea level, the senators' bill has shown.
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"The President may impose 5 or more of the sanctions… with respect to a foreign person if the President determines that the person knowingly, on or after the date of the enactment of this Act, provides underwriting services or insurance or reinsurance for a vessel", the text of the bill said.

According to the text of the bill, the restrictions are targeting vessels that are laying pipelines for the export of Russian fuel at the depth of at least 100 feet below sea level. Meanwhile, the Nord Stream 2 pipeline is being laid at the bottom of the Baltic Sea.

READ MORE: Trump to Sign Bill on Sanctions Against Nord Stream 2 — US Official

Under the proposed sanctions, the designated foreign persons may be banned from obtaining export licenses in the United States or from receiving more than $10 million in loans from US financial institutions in any 12-month period.

Merkel: European Commission to Be Unable to Stop Implementation of Nord Stream 2
Moreover, the US government may refuse to conclude any contracts with the sanctioned individual or company. The US president may also ban the designated foreign person from carrying out property transactions within the country's jurisdiction, among other restrictions.

The draft law was introduced to Congress on 14 May, but the full text was not published until Saturday. The senators said the bill was aimed at countering the Russia-led Nord Stream 2 natural gas pipeline project.

The Nord Stream 2 envisages the construction of a twin pipeline, which will deliver around 55 billion cubic meters (almost 2 trillion cubic feet) of gas directly to Germany and other European countries.

READ MORE: Moscow Qualifies Attempts to Block Nord Stream 2 as Attack on European Security

The pipeline is set to pass either through territorial waters or exclusive economic zones of Denmark, Finland, Germany, Russia and Sweden. Denmark remains the only country that has not given its consent to the construction of the pipeline so far.

The United States has been trying to discourage European countries that are part of the Nord Stream 2 construction from pursuing the project over its alleged threats to European security. At the same time, Washington has been also trying to force Russian natural gas out of Europe and sell its own liquefied natural gas at higher prices.

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