09:31 Jun. 17, 2016
Naftogaz CEO says fracking may erase Ukraine's need for gas imports
The U.S. and the European Union should impose stronger sanctions against Russia to kill the country's plan for a natural gas pipeline supplying Germany because it would raise prices for consumers and jeopardize energy security, said Andriy Kobolyev, chief executive officer of National JSC Naftogaz of Ukraine.
Naftogaz, Ukraine's state oil and gas company, is calling on the U.S. to increase sanctions on Russia to halt work on the Nord Stream 2 twin-pipeline system led by Moscow-based Gazprom PJSC. The 28-nation EU should investigate whether the project, which would link Russia's gas supplies to Germany via the Baltic Sea, violates the trading bloc's energy-market legislation, Kobolyev said during an interview at Bloomberg's Washington offices.
"We believe Nord Stream 2 should have financial sanctions so they will not be able to draw financing from an international bank," he said. "You are killing other routes in exchange for the route which will go through Germany."