The US sanctions against Iran that are set to take effect next week will exempt pipeline and other energy projects that supply natural gas to Europe, through Turkey, or otherwise ease Europe’s reliance on energy supplies from Russia, the Treasury Department announced in a notice on Friday.
"[Sanctions]shall not apply with respect to any person for conducting or facilitating a transaction involving a project (i) tor the development of natural gas and the construction and operation of a pipeline to transport natural gas from Azerbaijan to Turkey and Europe; (ii) That provides to Turkey and countries in Europe energy security and energy independence from the Government of the Russian Federation and the Government of Iran," the Treasury said in a document slated for publication in the US Federal Register on Monday.
The Azeri-Turkey natural gas pipeline refers to the Shah Deniz natural gas field in Azerbaijan’s sector of the Caspian Sea and related pipeline projects to bring the gas from Azerbaijan to Europe via Turkey, the document explained.
A proposed Baku–Tbilisi–Ceyhan pipeline would bypass both Iran and Russia by transporting Caspian gas to Turkey through Georgia.
