Thursday, August 6, 2026

My Review of Bojan Pancevski's "The Nord Stream Conspiracy"

 Sabotage in the Baltic


On September 26,2022, a team of six Ukrainian divers blew up the $20 billion Nord Stream 2 gas pipeline that lied 80 meters below the surface in the very dark and very polluted Baltic Sea at a cost of about $250,000. The 760-mile pipeline stretched from Russia to Germany and was to supply cheap gas for German industry. In this remarkable feat of investigative journalism Wall Street Journal reporter Bojan Pancevski tells us the story as to how the operation came together and the police work in Germany to uncover the source of the sabotage.

 

The operation was conceived shortly after the Russian invasion of Ukraine. It was put together by an off-the books operation of former SBU (Ukraine CIA) and GUR (Ukraine military intelligence) called The Start-Up. In order to protect their identities, the author calls the two leaders The General and the Colonel, respectively. They are high enough in the bureaucracies to get things done even though at time they were officially retired and later in jail. The purpose of the operation was to cut off the dollars that Putin received from selling natural gas to the West that fed his war machine.

 

Pancevski uses many aliases for the leading characters in his book. The most interesting is Freya, a woman in her late 30’s who in a former life graced the cover of an erotic magazine. She is full of spunk, and it was her who actually placed the charges that blew up the pipeline. 

 

Because much of the action took place on German territory, the German Federal Police became involved. Here we follow The Chief Inspector engage in the extraordinary nitty-gritty police work to piece together what happened and to ultimately name the Ukrainians involved in the plot. For example, a speed camera in Germany caught the license plate of an automobile used by the Ukrainians. Piece-by-piece the Chief Inspector solves the crime. However, when seeking help from Poland, he was turned down because Poland rightfully viewed the Ukrainians as heroes deserving of medals.

 

The author gives a great deal of background on the entire Nord Stream endeavor. Despite U.S. opposition, Germany’s need for cheap gas over-rode the strategic imperative of not funding Russia. Indeed, once Putin understood that his invasion would not stop the flow of gas, he green—lit the Ukrainian invasion. He was wrong in that assumption. The pipeline represented a massive outlet for Gazprom, Russia’s leading gas producer. The German-Russian relationship on gas was more than cozy as Pancevski notes that former German Chancellor Gerhard Schroder ends up on the Gazprom board. Did someone say payoff?

 

We also discover the CEO of Nord Stream was Mattias Warnig. Early in his career he was member of the Stasi, the East German secret police and later became a good buddy of Putin. It just shows how important Germany’s lust for cheap gas was and Angela Merkel was no exception.

 

We also learn that much of the Ukraine Army is funded privately with individual oligarchs and businesses putting up money for individual units. That is how The Start-up was funded. Furter Voldamyr Zelensky is not quite the boy scout his press portrays him and his former deputy Andry Yermak participated in more than his share of corruption. Nevertheless, that while both The General and The Colonel expected Zelensky to flee after the invasion, he did not. Lastly, we learn that the CIA station in Kiev was and is very active and there are American boots on the ground training Ukrainians how to use U.S. equipment. My guess is, not mentioned in the book, the special forces were and are on temporary duty to the CIA giving Washington deniability.

 

Bojan Pencevski has written a nonfictional spy thriller that gripped me throughout reading his book. We witness unbelievable human courage on the part of the Ukrainians and excellent police work on the part of the Germans. It should be a leading candidate for the major book awards!

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