In Face of a Global Trade War

BERLIN/WASHINGTON (Own report) – The EU announced its first defensive measures against US plans to penalize European companies’ business engagements with Iran, by reactivating the 1996 “Blocking Statute.” That law prohibits companies from terminating their business engagements with Iran, to avoid severe penalties in the United States. Some companies from Germany and other EU countries have already announced that they will cancel their contracts with Tehran to avoid endangering their business ventures in the US. German companies, involved in profitable ventures with Russia, could be facing a similar situation. Washington threatens to demand that businesses from Germany and the EU comply also with the April 6 sanctions announced by US President Donald Trump, against some Russian oligarchs and their companies. According to government advisors, German Russia-oriented businesses are “virtually panicking” because of the escalation of a global trade war.

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South Stream ‘Plan B’ opts for route through Greece and Turkey

A Russian newspaper has published an article suggesting that the Kremlin-favoured South Stream gas pipeline could drop Bulgaria, Serbia, Hungary, and Slovenia for its route, and instead reach its final destinations, Italy and Austria, through Turkey and Greece.

On Monday (18 August), Russian business newspaper Vzglyad published an article by journalist Oleg Makarenko, claiming that Gazprom has a “plan B” in case Bulgaria continues to obstruct the construction of the South Stream pipeline.

A caretaker government in Sofia, which took office on 6 August, has frozen the construction of South Stream, following clear indications from Brussels that the EU executive would impose infringements on Bulgaria, unless the country re-negotiates its bilateral agreement with Russia for the construction of the pipeline, which is in breach of EU law.

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