Shell pledged to operate in Russia in accordance with the sanctions. The bitter experience of Siemens that had to leave the Russian market and ExxonMobil that was obliged to pay a hefty fine has taught Shell the importance of obeying the rules. At the same time, the company plans to fulfill the obligation to participate in some joint projects including Nord Stream 2. Perhaps, the only contribution that the company would be able to make is a word of encouragement or a piece of advice.
Russia will not be able to implement such a huge project as Nord Stream 2 without help of its foreign partners. After the United States imposed new sanctions, few companies are able to help despite Shell’s vow. “We enter into a financing arrangement. We have commitments under that arrangement and we are fulfilling those commitments as best as we can.” Shell CEO Ben van Beurden said. However, he added that the company is going to act according to the sanctions, which contradicts his first statement.
In fact, the implementation of Nord Stream 2 greatly depends on foreign companies. Five out of six participants - Engie, OMV, Royal Dutch Shell, Uniper и Wintershall – provide 50% of the financial backing. The construction of the pipeline is due to start in 2018 and end by the end of 2019. The pipeline of 1,220 kilometers in length will be built at the bottom of the Baltic Sea from the Russian to the German coast.
