US energy vs. Russian industry

FILE - In this Monday Nov. 21, 2011 file photo, provided by the Cyprus Press and Information office, the Noble Energy company's offshore oil and gas rig is seen some 115 miles (185 kilometers) off Cyprus' south coast. Cyprus said Thursday, Oct. 3, 2013, its plan to turn itself into a regional energy hub remains on track, despite new findings showing that an offshore gas field is noticeably smaller than initially estimated. The small Mediterranean island nation, which earlier this year became the fifth country that uses the euro to receive outside financial assistance, is aiming to build a multibillion euro facility by 2019-20 to liquefy excess gas supply for export to Europe and beyond. (AP Photo/Cyprus Press and Information Office, File)

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Source: kpmg.com

US expanded sanctions in relation to the Russian energy industry.

This in substance involves participating or assisting with new energy projects, the most notable one being North Stream 2, a parallel pipeline for additional Russian exports to Germany with a an additional projected capacity of 55 billion cubic meters.

The European leadership generally disapproved of new US sanctions. The European courts meanwhile upheld Gazprom’s rights to take up additional spare capacity in an OPAL pipeline, which is a land extension of the existing North Stream 1 underwater pipeline allowing Gazprom to increase direct exports to Germany bypassing transit countries by pumping at close to maximum capacity of 55 billion cm per year.

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