38_European_Business_Magazine_Summer_2020

Page 86

US vs Europe: Tensions Rise A US-Europe confrontation has emerged after Republican senators’ letter threatens legal and economic sanctions on completion of German pipeline importing Russian gas to Europe. By Ka e Fisher

O

n the 5th August, Republican senators Ted Cruz, Tom Cotton and Ron Johnson sent a le er to Fährhafen Sassnitz GmbH, which operates Mukran Port, aler ng them to their exposure to sanc ons related to the Nord Stream 2 pipeline project. US Senator for Texas Ted Cruz's press office released the following statement: Mukran Port provides services to vessels that Russia has indicated will be used for the project, and reportedly stores pipes to be installed as part of the pipeline. There is a bipartisan, bicameral, and intra-agency consensus in the United States government that has produced a range of sanc ons authori es and mandates that will

86 europeanbusinessmagazine.com

be leveled against any company that par cipates in the project. In the le er, the Senators wrote: "This le er serves as formal legal no ce that these goods, services, support, and provisioning risk exposing Fährhafen Sassnitz GmbH and Mukran Port, as well as your board members, corporate officers, shareholders, and employees, to crushing legal and economic sanc ons, which our government will be mandated to impose. These sanc ons include poten ally fatal measures that will cut off Fährhafen Sassnitz GmbH from the United States commercially and financially. The only responsible course of ac on is for Fährhafen Sassnitz GmbH to exercise contractual op ons that it has available to cease these ac vi es."

"Your provisioning of the Fortuna or Akademik Cherskiy will certainly have become sanc onable the instant that either vessel dips a pipe into the water to construct the Nord Stream 2 pipeline, or engages in any pipe-laying ac vity relevant to the project, but your exposure extends to any ac vies related to goods, services, or support of the pipeline. The law requires that 'the President shall' issue the designa ons." The US has long-since taken issue with the almost-completed Nord Stream 2 Bal c pipeline project. Officials have a empted to perpetuate the notion that such relations will increase European dependence on Russia. Berlin has resolutely resisted these claims, relaying firmly that it will self-determine all na onal policy, in conjunc on with the EU. The issue, however, has been turned into a full-on US-Europe conflict by the senators' le er. The le er makes claims that the project poses a "grave threat" to US security, jus fying "crushing legal and economic sanc ons" for the con nua on of the pipeline. This may cause severe and irreparable detriment to the region's economy as a huge amount of residents make their living from the port. The harsh a ack would see all Sassnitz companies, shareholders and employees face asset freezes and travel bans ordered by the US Government similar to those placed on North Korea and Iran. Naturally, there has been fierce outrage. Sassnitz is infuriated, and accusations against America have since been flying. While the US takes the stance that these ac ons were taken in an honourable and earnest effort to protect Europe, it isn't difficult to believe with some convic on that it has more to do with the expensive gas Cruz would rather sell to Europe from his home


Turn static files into dynamic content formats.

Create a flipbook

Articles inside

Do Black Lives Matter in Business?

6min
pages 112-116

Almost one fifth of SMEs don’t think they’d survive another lockdown

3min
page 111

Businesses are paying the price of stressed staff as pandemic

6min
pages 94-95

HOW SEARCH ENGINES REALLY WORK

25min
pages 98-104

Can Europe Overcome The Next Wave Of The Pandemic

5min
pages 90-91

money pressure takes its toll How to conduct risk assessment of your receivables

6min
pages 96-97

Reframing ‘Work / Life Balance

6min
pages 92-93

Ten years in compliance: Reflecting on the UK Bribery Act

4min
pages 88-89

US vs Europe: Tensions Rise

5min
pages 86-87

Refinitiv battle reveals unease over power of modern stock markets

5min
pages 84-85

Why You Should Consider Starting a Business in Bermuda, Too

6min
pages 82-83

SMEs Post Lockdown 5 European Google competitors to watch

5min
pages 80-81

European App Developers Create New Service to Help Struggling

1min
page 79

What happens to innovations in a crisis?

28min
pages 65-73

Why Dating Apps are Old News and Matchmaking Services are Booming

6min
pages 74-75

Irene Valenti, founder of Valenti International

8min
pages 76-78

Romain Gerardin-Fresse, Ceo and Founder of GFK Conseils-Juridis

26min
pages 56-64

Odd Sverre Østlie, CEO of Pexip

11min
pages 50-53

Building a finance function from the ground up

4min
pages 54-55

Max Studennikoff, Ceo and Founder of CC Forum

7min
pages 46-47

Work from Home Revolution: Video-conferencing is About

6min
pages 48-49

Tens Of Thousands Protest Pandemic Restrictions In Berlin

3min
pages 44-45

Post-Pandemic Economic Recovery and New Market Space in China

6min
pages 40-43

Why Iceland is the Perfect Spot to Do Business

4min
pages 38-39

Can Industries Bounce Back after the Coronavirus Outbreak?

9min
pages 30-33

Cloud, cyber security & leading in a threat environment without decelerating innovation

5min
pages 36-37

Safe-Haven Assets: Coronavirus Market Crash Make Investors

6min
pages 28-29

What is the Future of Money and Are We Ready For It?

6min
pages 26-27

Iowa: A Smart Investment in America’s Midwest

6min
pages 34-35

Latest News

13min
pages 8-11

Mass exodus from the UK

4min
pages 22-23

Bumper year of sport to boost air charter industry in 2021

4min
pages 12-13

Digital Confidence Will Play A Critical Role In Allowing

5min
pages 18-19

Why The Moroccan Pharma Industry Matters To Europe

3min
pages 24-25

The World Economic Forum Suggests a Different Post-Covid

5min
pages 14-15

Social media: Are we in control?

6min
pages 20-21

James Storie-Pugh, Founder of Mellow

3min
pages 16-17
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.