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Firm laying Nord Stream 2 pipeline halts all ‘activities’ faced with ‘crushing sanctions’ by US

Allseas, a Swiss-Dutch company laying the Nord Stream 2 pipeline off the Danish coast, has announced it is suspending its work and will pull out of the project after being faced with an avalanche of sanctions by the US.

The company, which operates two vessels installing deep-sea pipes for Nord Stream 2 on the bottom of the Baltic Sea, released its statement just before US President Donald Trump signed the mammoth 2020 National Defense Authorization Act into law on Friday night. The bill targets companies involved in the construction of the pipeline, giving them 30 days to wind down all operations unless they want to bear the brunt of crippling US sanctions.

Nord Stream 2, which runs from the Russian Baltic coast to Germany, will deliver 55 billion cubic meters of natural gas per year to European customers. Germany, arguably the main beneficiary of the project, has been under tremendous pressure by the US to scrap the project as well, but has refused to back down.