The CEO of Austrian oil and gas company OMV comments on possible consequences for German business in Russia
CEO of Austrian oil and gas company OMV and President of the Russian-German foreign trade chamber, Rainer Seele, called on the European Commission and the German authorities to take counter measures in response to expansion of the US sanctions against Russia.
Speaking at a press conference “New US sanctions – possible consequences for German business in Russia” he said:
“On behalf of the German business in Russia, I call on Germany and the European Commission to respond to US sanctions. We need to take constructive steps to ensure security. We must keep in mind reliability of energy supplies to the European Union.”
Gazprom’s European partners on the Nord Stream may have to review project’s financing mechanism due to the sanctions, he added. “Of course, in the Nord Stream-2 project we will probably have to review the situation with financing, but the commitment to complete the project is still there. I mean that the financing by 70% – apparently we won’t be able fulfill it on such a scale, but the project management, obviously, will now look for other opportunities for financing.”
He went on to say that the European partners on the Nord Stream 2 project may use their own funds to finance the project. European partners may transfer funds to Gazprom for Nord Stream 2 a month after Gazprom’s request, he said.