Nord Stream 2 AG, the project company that plans to construct a gas pipeline from Russia to Germany, is currently negotiating with several Export Credit Agencies to secure financing for the project, Nord Stream-2 spokesperson Jens Müller told New Europe on July 2.

“We are currently negotiating with several Export Credit Agencies. Based on the outcome, we will approach banks within the next months,” Müller said, asked how the financing of the project was progressing.

Nord Stream 2 AG is based in Zug, Switzerland and owned by Russian gas monopoly Gazprom. Nord Stream 2 AG signed financing agreements for the project with France’s Engie, Austria’s OMV AG, the Anglo-Dutch company Royal Dutch Shell, as well as Uniper and Wintershall of Germany.

German newspaper Die Welt quoted Paul Corcoran, the CEO of Nord Stream-2 as saying in Washington, that the project will be certainly funded. “It is important for Gazprom, and Russia currently has a high euro liquidity,” he said. “The economic sanctions against Russia could lead to more financing options for Nord Stream 2,” Corcoran told the paper.

Asked if that means that the Russian gas monopoly would solely finance the project if European companies involved in Nord Stream-2 were hit by sanctions against Russia imposed by the US, Müller told New Europe, “Paul Corcoran was expressing his confidence in our financing approach. The other possibilities were raised as theoretical options, but at this point in time we are continuing to pursue our current approach as outlined above”.

Nord Stream-2, which involves the construction of two legs of a gas pipeline to run from the Russian coast through the Baltic Sea to Germany, is expected to double Russia’s export capacity of 55 billion cubic metres.