CURRENT AFFAIRS

Detailed explanation-1: -On 21 October 2021, Russian President Vladimir Putin stated that the pipeline would start gas delivery the day after Germany approved it. Regulatory clearance for Nord Stream 2 would double Russia’s gas exports to the Baltic and Germany to 110 billion cubic meters per year.

Detailed explanation-2: -On February 23, the Biden Administration announced economic sanctions on Nord Stream 2 AG, the pipeline’s Russian-owned, Swiss-based parent company, and its chief executive officer (CEO), a German national.

Detailed explanation-3: -The pipeline was developed and was to be operated by Nord Stream 2 AG, a Swiss-based subsidiary of Russia’s state-controlled gas giant Gazprom. However, it was co-financed by several other European companies including Germany’s Uniper, chemical company BASF’s subsidiary Wintershall Dea as well as Engie, OMV and Shell.

Detailed explanation-4: -It is operated by Nord Stream AG. Nord Stream 2 (NS2) runs from Ust-Luga in northwestern Russia near Estonia. The pipeline was built in order to increase gas exports towards Europe, aiming to double annual capacity. The project was completed in 2021, but has not yet entered service.

Detailed explanation-5: -The pipeline is owned and operated by Nord Stream AG, whose majority shareholder is the Russian state-owned company Gazprom.