Nord Stream 2 filed for bankruptcy

Nord Stream 2 filed for bankruptcy

The Swiss company Nord Stream 2, which was to be the operator of the gas pipeline connecting Russia with Germany, has filed for bankruptcy.

The company is owned by Russia’s Gazprom. It recently completed the construction of the second line of the pipeline, which runs from Russia to Germany. A few days ago, the German Chancellor announced that the certification of the pipeline had been halted, making it impossible to start commercial operations. A day later, Nord Stream 2 and its board members were slapped with sanctions by the US President. These followed Russia’s attack on Ukraine. In response, Munich Re withdrew its insurance for the gas pipeline.

Nord Stream 2 has already terminated the contracts of 140 employees.


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