The general public became aware of the main points of the agreement between Germany and the United States regarding the further fate of Nord Stream 2. The experts’ assessment of these agreements is not unambiguous. On the one hand, the Americans recognized the ineffectiveness of the sanctions restrictions against the companies involved in laying the Nord Stream-2 pipeline, and the existing agreements do not provide for specific actions to prevent the project participants and the main supplier of natural gas, Gazprom. develop an action strategy so as not to “run into” sanctions. Conversely, the United States can very freely interpret the clauses of the agreement, demanding the imposition of restrictions against Russia and Gazprom. Details of the Agreement By agreement between President Joseph Biden and Chancellor Angela Merkel, Germany will be forced to take action “against Russia at the national level” if supplies the pipeline will be used by the latter as a means of political pressure on Ukraine. What is meant by “means of political pressure” and what measures the federal republic should take is not specified. Another point of the agreement is the requirement for the FRG to use all its political and economic levers to sign an agreement on the extension of gas transit through the Ukrainian GTS after 2024, when it expires the term of the current contract, for at least another 10 years. In addition, it is planned to create a fund to attract investments in order to develop the Ukrainian fuel and energy complex. The volume of investments should be up to $ 1 billion. According to experts, a bilateral agreement should be signed in the coming days. Who will win? It is difficult to name the unambiguous beneficiaries of the agreement. The United States, on the one hand, received certain grounds for putting pressure on the FRG, but on the other hand, it was forced to agree with the completion of the construction of SP-2 and the start of deliveries of blue fuel to Europe via it. Germany – defended its right to supply natural gas through SP-2, but on the other hand, it has bound itself with certain obligations on investments in the Ukrainian economy and relations with Russia. Russia and Gazprom were able to freely complete the construction of the gas pipeline and launch it. However, the uncertainty of the agreements may call into question its work. Ukraine received hope that its GTS will continue to operate after 2024 and will invest in its economy. But the continuation of transit through the territory of Nezalezhnaya will also depend on the Russian side, and investments may be limited to loans, which will eventually have to be repaid.