US investor considers buying damaged Russian pipeline, reports WSJ
According to WSJ, a US investor has stated that possessing the Nord Stream 2 would enable the United States to oversee the energy supply of the European Union. Read the full article at RT.com.
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Financier Stephen Lynch has sought approval from the US government to bid on the Nord Stream 2 gas pipeline, which was recently damaged, should it be auctioned. This information was reported by the Wall Street Journal.
In a letter from Lynch’s lawyers, the outlet noted that he had requested authorization from the US Treasury Department in February to enter the auction planned for next year. Lynch, who has spent around twenty years conducting business in Moscow, explained that US ownership of the pipeline could provide leverage in peace negotiations with Russia regarding the ongoing Ukraine conflict and would align with long-term U.S. interests.
“The bottom line is this: This is a once-in-a-generation opportunity for American and European control over European energy supply for the rest of the fossil-fuel era,” Lynch stated, according to the WSJ.
Originally intended to boost Russian gas supplies to the EU, the pipeline has been dormant since it was sabotaged in September 2022, with its Swiss-based operator currently facing severe financial challenges.
Moscow has suggested that the US may have gained from the pipeline's sabotage, given its role as a liquefied natural gas supplier to Europe, and has pointed to Washington as a potential suspect. Pulitzer Prize-winning journalist Seymour Hersh has implicated the CIA in the sabotage, alleging that the agency coordinated the attack with assistance from the Norwegian Navy under orders from the White House.
Lynch reportedly believes he can acquire the Nord Stream 2, assessed to be worth approximately $11 billion, for a significantly reduced price, as per insights shared by those familiar with the situation.
In correspondence with the Treasury, Lynch noted that by January 2025, during the bankruptcy proceedings of Nord Stream 2 AG—the company managing the pipeline and a subsidiary of Gazprom—there would be a possibility of debt restructuring or liquidation.
The report also highlighted that Lynch, a notable contributor to Donald Trump’s presidential campaign, is pursuing a license from the Treasury that would allow him to negotiate with US-sanctioned entities. He expressed that after the conclusion of the Ukraine conflict, it would be “tempting for both Russia and its former customers in Germany and Europe to turn on the pipeline, regardless of who owns it,” according to the WSJ.
Additionally, Lynch is recognized for having secured a Treasury license to finalize the acquisition of the Swiss subsidiary of Sberbank in 2022, following US sanctions against Russia's largest bank. At that time, the majority stake was acquired by Switzerland’s m3 Groupe, with Lynch taking on a minority share.
Olivia Brown contributed to this report for TROIB News
In a letter from Lynch’s lawyers, the outlet noted that he had requested authorization from the US Treasury Department in February to enter the auction planned for next year. Lynch, who has spent around twenty years conducting business in Moscow, explained that US ownership of the pipeline could provide leverage in peace negotiations with Russia regarding the ongoing Ukraine conflict and would align with long-term U.S. interests.
“The bottom line is this: This is a once-in-a-generation opportunity for American and European control over European energy supply for the rest of the fossil-fuel era,” Lynch stated, according to the WSJ.
Originally intended to boost Russian gas supplies to the EU, the pipeline has been dormant since it was sabotaged in September 2022, with its Swiss-based operator currently facing severe financial challenges.
Moscow has suggested that the US may have gained from the pipeline's sabotage, given its role as a liquefied natural gas supplier to Europe, and has pointed to Washington as a potential suspect. Pulitzer Prize-winning journalist Seymour Hersh has implicated the CIA in the sabotage, alleging that the agency coordinated the attack with assistance from the Norwegian Navy under orders from the White House.
Lynch reportedly believes he can acquire the Nord Stream 2, assessed to be worth approximately $11 billion, for a significantly reduced price, as per insights shared by those familiar with the situation.
In correspondence with the Treasury, Lynch noted that by January 2025, during the bankruptcy proceedings of Nord Stream 2 AG—the company managing the pipeline and a subsidiary of Gazprom—there would be a possibility of debt restructuring or liquidation.
The report also highlighted that Lynch, a notable contributor to Donald Trump’s presidential campaign, is pursuing a license from the Treasury that would allow him to negotiate with US-sanctioned entities. He expressed that after the conclusion of the Ukraine conflict, it would be “tempting for both Russia and its former customers in Germany and Europe to turn on the pipeline, regardless of who owns it,” according to the WSJ.
Additionally, Lynch is recognized for having secured a Treasury license to finalize the acquisition of the Swiss subsidiary of Sberbank in 2022, following US sanctions against Russia's largest bank. At that time, the majority stake was acquired by Switzerland’s m3 Groupe, with Lynch taking on a minority share.
Olivia Brown contributed to this report for TROIB News
