German business has responded to the threat of the U.S. against the "Nord stream — 2"

The unprecedented intervention in the energy sovereignty to the EU says German business, the US announced sanctions against "Northern stream 2", said the head of the profile Association Eastern Committee of German economy Oliver Hermes.

U.S. Secretary of state Mike Pompeo announced on Wednesday that the state Department published recommendations in the framework of the law on counteraction to Russia through sanctions, including the document "Nord stream 2" and second thread "Turkish stream." These actions put at risk the us sanctions on investments and other actions associated with the Russian export gas pipelines.

"The immediate threat of US sanctions against European companies involved in the Nord Stream project, 2, says look at the transatlantic relationship. Almost overnight and without consultation with European allies, the existing exceptions are cancelled, and about 120 companies from twelve European countries are under direct threat of US sanctions," said Hermes.

He added that "this is an unprecedented American intervention in the European energy sovereignty will lead to supply shortages and consequently to excessive prices."

According to the head of the Eastern Committee, which represents the interests of German companies and enterprises in Eastern Europe and the former Soviet Union, investment in the project "in the amount of twelve billion euros, are under threat." In addition, all European gas consumers should expect additional annual costs of up to four billion euros in case of refusal to supply in the "Nord stream 2".

"The United States violate free and fair competition and use sanctions without restrictions for the protection of their economic interests. The EU has no other choice but to care to respond to the extortion attempt. As already announced, the EU Commission should reflect all the attacks on their sovereignty from outside and quickly provide hard of the catalogue of measures," said Hermes.

He added that Europe needs "an effective protective shield" for companies that are "unfairly affected by US sanctions, to protect them from financial damage."

The head of the Eastern Committee added, the result of the EU sanctions against Russia, German-Russian trade was lost annually to almost 20 billion euros. The new sanctions "absolutely unacceptable", says Hermes.