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The country may have the resources, but sanctions and a lack of market access make its gas ambitions look very questionable
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The latest sanctions on Gazprombank and other Russian banks may cause disruption, but willing buyers of Russian energy will find ways to continue payments
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There is a growing impulse to nationalise Russia’s energy sector out of its difficulties, but any steps in this direction would not be taken overnight
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Nord Stream 2 Russia Donald Trump Angela Merkel Germany
Jason Corcoran
3 August 2018
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Ukraine is key to unlocking Nord Stream 2

Europe’s desire for cheap, stable energy clashes with the political need to maintain cordial US relations and support Ukraine

Political consensus in Europe appears to be shifting on just how to soften the impact of Nord Stream 2 on Ukraine as a transit country, amid continued wrangling over the Russian pipeline. East European and Baltic states fear that the Gazprom project, which would double the existing Nord Stream pipeline's annual capacity of 55bn cubic meters, could increase Europe's reliance on Russian gas and make a serious dent in Ukraine's strained federal coffers. However, Western European powers like Germany and France argue that the additional pipeline is necessary because natural gas is as much as 25% cheaper than liquefied natural gas. The pipeline, which is due to be completed by the end of 2019 or

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