Portman, Shaheen, Grassley, Coons, Murphy Applaud U.S. Support for Three Seas Initiative to Increase Europe’s Independence from Russia
WASHINGTON, DC – U.S. Senators Rob Portman (R-OH), Jeanne Shaheen (D-NH), Chuck Grassley (R-IA), Chris Coons (D-DE), and Chris Murphy (D-CT) issued the following bipartisan statement in response to the announcement of U.S. support for the Three Seas Initiative through the U.S. Development Finance Corporation at the Three Seas Summit in Riga, Latvia.
The Three Seas Initiative aims to improve connectivity among twelve European countries located between the Baltic, Adriatic and Black Seas. The Three Seas Investment Fund supports the development of infrastructure in the energy, transport and telecommunications sectors. The U.S. Development Finance Corporation will support the fund with a loan of up to $300 million dollars focused on energy projects. This will enhance regional energy cooperation and connectivity that will help reduce countries’ dependence on Russian energy sources.
“Energy independence is one of the most pressing challenges facing Europe amid Putin’s unprovoked and illegal war against Ukraine. The Three Seas Initiative illustrates the importance of investing in critical regional cooperation to diversify energy sources, making Europe stronger, better connected and more resilient,” said the Senators. “We applaud the U.S.’ support for this initiative, which will empower our allies and partners to further develop reliable sources of energy and reduce their vulnerability to Putin’s manipulation and destabilization. And we support the initiative undertaken by members of the Three Seas Initiative to work together in identifying and responding to their shared challenges.”
NOTE: Senator Portman traveled to Romania in May to meet with Prime Minister Ciuca and other officials, where Portman was briefed on Romania’s efforts to increase its energy production over the coming years through nuclear energy. As its production increases, Romania has the potential to become an energy hub in Eastern Europe that can help wean its neighbors off Russian energy.