European politicians blast Gazprom over Nord Steam 2 pipeline

Shares in Russian energy giant Gazprom dropped earlier today after the European Parliament voted to condemn the construction of Nord Stream 2, a pipeline running through the Baltic Sea.

Shares initially fell 1.8 per cent to 153.30 rubles as markets opened in Moscow. But they later rebounded, ending the day up 0.45 per cent to 156.49 rubles.

The morning’s drop came after Members of the European Parliament (MEPs) called for the Nord Stream 2 pipeline to be cancelled.

A proposal, which called the pipeline a “political project that poses a threat to European energy security,” was passed with 433 votes to 105.

The pipeline runs through the Baltic to Germany and bypasses Ukraine, a “crucial” part of the European energy supply network, politicians said.

On Wednesday, Kremlin officials said that attempts by the US to undermine the project were unfair after a senior US diplomat said that Russia could not be trusted.

“We don’t consider this correct or acceptable for us,” Kremlin spokesman Dmitry Peskov said.

Half of the €9.5bn (£8.5) project is funded by western companies, including Shell.