Russia's majority state-owned gas company, Gazprom, complains that the new sanctions target European companies involved in Russia's controversial Nord Stream II pipeline project. The planned project expands the existing Nord Stream system that pumps Russian gas under the Baltic Sea to Germany and bypasses Europe's previous gas transit hub, Ukraine. With companies from Austria, France, Germany, the Netherlands and the UK on board with the project, Nord Stream II, if completed, would support the dominance of Russian gas in Europe. Gazprom controls about 15 percent of global reserves and more than 70 percent of Russia's. Related: 4 Reasons Oil Will Rally Back To $50