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9/16, 4:10 PM (Source: TeleTrader)
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Germany wanted €1B deal with US to avoid Nord Stream 2 sanctions - report

The German government offered to invest €1 billion in two terminals for receiving United States liquefied natural gas (LNG) in an attempt to convince Washington to give up on sanctions on the Nord Stream 2 pipeline project, Die Zeit reported on Wednesday.

"In exchange, the US will allow unobstructed finalization and use of Nord Stream 2," the German Vice-Chancellor and Finance Minister Olaf Scholz said in a letter addressed to the US Treasury Secretary Steven Mnuchin sent in early August. Berlin emphasized in the letter that "the existing legal options for sanctions have not been exhausted yet."

The US Secretary of State Mike Pompeo announced in July that the Countering America's Adversaries Through Sanctions Act (CAATSA) was updated to include the Nord Stream 2. Consequently, the Russian Foreign Ministry's spokeswoman Maria Zakharova said that Washington's sanctions "ensure unfair competition," while Berlin saw it as "attempted extortion."

Breaking the News / AM