Nord Stream pipeline project

Financing from Chinese banks may prove to be more expensive for the Nord Stream 2 gas pipeline project, designed to transport Russian natural gas to Europe, experts told Sputnik.

Washington is trying to squeeze Russia out of the European gas market by putting pressure on EU members, a diplomatic source told Sputnik.

President Putin said it was important to explain the benefits of the Nord Stream-2 gas pipeline to partners.

Calls by Ukraine’s energy company Naftogaz to impose sanctions against all companies involved in the Nord Stream 2 project are based on commercial interests, the project operating company Nord Stream 2 AG spokesman Jens Mueller told Sputnik on Tuesday.

CEO of the Austrian energy company OMV Rainer Seele, during a meeting with Russian President Vladimir Putin on Friday, expressed support for the implementation of the Nord Stream 2 project.

The Nord Stream 2 project's financial director hopes for funding "from a pool of banks".

In late 2016, Swedish municipalities' plans to lease ports to the Russian Nord Stream 2 gas pipeline became a topic of heated debate. While local authorities were willing to take part in the lucrative project, Swedish government officials were reluctant to deal with the Russians citing security concerns. So far, no consensus has been reached.

The construction of the Nord Stream 2 pipeline will work in favor of the European gas market given shrinking domestic gas sources including in the North Sea and the United Kingdom, spokesperson for the German energy company Uniper told Sputnik on Thursday.

The increasing import demand for natural gas in Europe lies in the core of Western European partners' intention to contribute to the construction of the Nord Stream 2 pipeline, European shareholder companies said in a statement obtained by Sputnik.

As the showdown over the Russian pipeline Nord Stream 2 moves closer, Brussels has allocated considerable funds to a rival pipeline to reduce Finland's "dependence" on Russian gas and tear Helsinki further away from Moscow's "bad influence."

The deadline for the adoption of a decision on the Opal pipeline is set by the European Commission for the end of October, but could be prolonged.