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The Senate amendment, which passed overwhelmingly but which still needs to clear the House, would ramp up U.S.ability to hit back at Russia. Specifically, under the new legislation, the White House would have the authority to extend sanctions to any firm that invests money to help build Russian energy projects. That takes square aim at Nord Stream 2, a pipeline that would deliver natural gas from Russia directly to Germany, bypassing Ukraine.
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Nord Stream has torn Europe apart already. Eastern and Central European countries oppose the project, fearing that their dependence on Russian energy would increase. Many Western European countries, especially Germany, back it, arguing that a new pipeline will increase supplies and lower energy prices in Europe. U.S. officials in the Obama and Trump administrations have opposed the pipeline, saying it could undermine European energy security.
If the legislation passes the House and survives any veto threats from President Donald Trump, it could be used against companies like Shell, Uniper, Wintershall, Engie, and OMV, which are teaming up with Gazprom, Russia’s state-owned energy behemoth, to build the $10.6 billion pipe.
At the same time, Gabriel and Kern allege the United States was acting in the interest of domestic suppliers, which in recent years have begun to export natural gas and even crude oil, including to Europe.
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http://foreignpolicy.com/2017/06/15/germany-hits-back-at-possible-new-u-s-sanctions-on-russia/
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The bill is only a threat of sanctions against any company that makes a significant investment in Nord Stream II. This discretion to use that provision to fine companies involved is largely left with Trump, however.
Ukrainian gas giant Naftogaz has called Nord Stream II a political weapon.
"There is no need for Nord Stream II, but we have to show Europe that we can cooperate and co-manage a gas system with them ourselves," says Andriy Kobolyev, the CEO of Naftogaz. "If Gazprom is allowed to build that pipeline, it is obvious to me that it will eventually be used 100% by Russia, strangling Ukraine financially. If we lose a significant portion of our transit revenues for Russian gas into Europe, then it will be a huge blow to our country," he says.
The threat against Nord Stream II puts added risk and new stresses on European energy firms. Russia accounts for nearly a third of natural gas supply in Europe. Russia is the world's largest natural gas producer.
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https://www.forbes.com/sites/kenrapoza/2017/06/15/what-the-russia-sanctions-upgrade-means-for-trump-and-ukraine/#62d1411c2783
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