'Ukraine Crisis' Germany Halts Nord Stream 2 Project Due to Sanctions on Russia

Russian President Putin holds a press conference after talks with the German Chancellor [Image source=Yonhap News]

[Asia Economy Reporter Kim Daehyun] Germany has announced its intention to halt the Nord Stream 2 gas pipeline project connecting Russia and Germany as part of sanctions against Russia related to the Ukraine crisis.

On the 22nd (local time), AP and AFP reported that German Chancellor Olaf Scholz told reporters that in response to recent Russian actions related to the Ukraine crisis, the certification process for the Nord Stream 2 project is being suspended.

Nord Stream 2 is a 1,230 km pipeline running under the Baltic Sea from Russia to the German coast.

Germany, which had been entirely dependent on imports for oil and natural gas, launched this project in 2012 to secure natural gas at a relatively low price.

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