US investor suggests purchasing sabotaged Russian pipeline
Date
11/25/2024 7:11:01 AM
(MENAFN) An American investor, Stephen Lynch, has requested approval from the US government to purchase the sabotaged Nord Stream 2 pipeline if it is auctioned next year, according to a report by the Wall Street Journal. Lynch, who has two decades of experience in business in Moscow, made the request in February to the US Treasury Department. He believes that acquiring the pipeline would provide the US government with leverage in peace talks with Russia over the Ukraine conflict and serve long-term American interests. Lynch described the potential Acquisition as a "once-in-a-generation opportunity" for US and European control of Europe's energy supply for the foreseeable future.
The Nord Stream 2 pipeline, which was intended to boost Russian gas deliveries to the EU, was damaged in a September 2022 sabotage attack and has been idle ever since. Its Swiss-based operator is struggling with potential insolvency. Some, including Moscow, have suggested that the US benefited from the attack, as it increased Europe’s reliance on US-supplied liquefied natural gas, with journalist Seymour Hersh alleging CIA involvement in the sabotage. Lynch believes he could purchase the pipeline, valued at around $11 billion, for a significantly reduced price during Nord Stream 2 AG’s bankruptcy proceedings in January 2025.
Lynch has previously obtained US Treasury licenses for business deals with sanctioned entities, including his acquisition of a Swiss subsidiary of Russia’s Sberbank in 2022. He argues that after the Ukraine conflict, Russia and its European customers may seek to revive the pipeline regardless of ownership.
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