"I am not as concerned about Russian dominance of the European energy market, because the US now is a major gas exporter and will continue to grow even more. That market power reduces the Russian ability to use this sort of leverage vis-a-vis the EU… So, I don’t see Nord Stream as much of a threat as some do", Banks said.
The former Trump adviser explained that US gas, which is less greenhouse gas intensive than the Russian gas, would be cheaper for Europe "if they factor in climate." Gazprom, which owns Nord Stream 2, and other companies would have to invest heavily to "clean up methane leakage", Banks argued.
Nord Stream 2 is expected to bring gas from Russia to Germany via the Baltic Sea. The new pipelines are set to be laid down next to the existing Nord Stream.