Nord Stream 2 operator bankruptcy on halt until January 2023

MOSCOW, Sep 8 (PRIME) -- The bankruptcy procedure of the operator of the Nord Stream 2 gas pipeline has been suspended until January 2023, according to the Swiss Official Gazette of Commerce seen by PRIME Thursday.

In March, Silvia Thalmann-Gut, a representative for the Swiss canton of Zug, where Nord Stream 2 is headquartered, said that Nord Stream 2 became insolvent because of the U.S. sanctions. She also said that Nord Stream 2 had dismissed all 106 of its employees. The company denied bankruptcy plans. In May, a court in the canton said that it suspended bankruptcy procedures of the operator until Saturday.

The Nord Stream-2 project has two natural gas pipelines with a total annual capacity of up to 55 billion cubic meters running from the Russian shore to Germany under the Baltic Sea. Its construction was completed in September 2021. Germany stopped certification in February 2022 after Russia acknowledged sovereignty of Lugansk and Donesk People’s Republics. On February 23, the U.S. imposed sanctions on project operator Nord Stream 2 AG.

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