Nord Stream 2 operating company officially announces bankruptcy

TUESDAY, 1 MARCH 2022, 20:42

The operating company of the Nord Stream 2 Russian gas pipeline has been forced to announce bankruptcy following Western sanctions, according to the Finance Minister of the Canton of Zug, Sylvia Talmann-Gut, in an interview with Swiss outlet SRF.

Talmann-Gut said that the company operating the pipeline between Russia and Germany had been severely affected by Western sanctions and had been forced to fire over a hundred employees.

Talmann-Gut stated that the company had declared bankruptcy on Tuesday. She noted that it was not the only company with Russian capital in the canton that might go this way.

Reminder:

Swiss Nord Stream 2 AG, which is the operating company of Gazprom's Nord Stream 2 had been forced to consider bankruptcy following sanctions, according to Reuters via sources on Tuesday.

In addition, Swiss Minister of Economic Affairs Guy Parmelin stated on Monday that all personnel working at Nord Stream 2, over 140 employees, had been fired. The USA implemented sanctions against the operating company of Nord Stream 2 in response to Russia’s recognition of the terrorist-controlled regions L/DNR as ‘independent’.

On February 22, German Chancellor Olaf Scholz announced the suspension of Nord Stream 2 certification. The gas pipeline, owned by Gazprom's "daughter" (of the same name), was built to transport Russian gas directly to Germany bypassing Ukraine.

Gas monopolists had repeatedly used NS-2 as an instrument to blackmail Europe in relation to gas supplies, controlling the commodity market at a record high price since last year.