Nord Stream 2 contemplates insolvency following pipeline halt and sanctions

Nord Stream 2 AG, the operator of the Nord Stream-2 project, is considering the possibility of filing for bankruptcy. Representatives of the company said that they are currently working on the repayment of some of their obligations, after which proceedings on the operator's insolvency will begin in a Swiss court.

In addition, Nord Stream 2 AG has started to terminate contracts with employees. According to the latest data, the company employed more than 140 people. And now, due to the development of the geopolitical situation and the US sanctions imposed on Nord Stream 2 AG, the company is forced to terminate contracts with personnel.

«We deeply regret this forced step,» Nord Stream 2 AG commented.

It is worth noting that the operator of the Nord Stream 2 project was subject to US sanctions even before the start of Russia's military operation in Ukraine. The certification process of the company as an independent gas transmission operator was suspended in Germany a week ago. 

Recall that the underwater gas pipeline Nord Stream-2 with a capacity of 55 billion cubic meters of gas per year runs from the Leningrad region of Russia to the Baltic coast of Germany. At the moment, both lines of the highway have been built, tested, filled with gas and ready for operation.