Nord Stream 2 operator files for bankruptcy and lays off all its employees

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The Swiss company behind the Nord Stream 2 pipeline has filed for bankruptcy and laid off its 106 employees, a local official confirmed to Swiss broadcaster SRF.

Why is this important: Long seen as a Kremlin influence project that would increase Europe’s energy dependence on Russia, Nord Stream 2 was one of the first targets of the wave of Western sanctions triggered by the invasion. of Ukraine by Vladimir Putin.

  • German Chancellor Olaf Scholz said certification of the $11 billion gas pipeline would be suspended last Tuesday, a day after Putin ordered Russian troops into eastern Ukraine on a “security-maintaining” mission. the peace”. The pipeline is fully constructed, but the gas has not yet started flowing.
  • The United States then reversed sanctions waivers against Nord Stream 2 AG and its executives, dealing what was likely the fatal blow to a project that had caused major headaches for President Biden and the transatlantic alliance.

What they say : “Following recent geopolitical developments that led to the imposition of US sanctions on Nord Stream 2 AG, the company had to terminate contracts with its employees. We deeply regret this development,” said Nord Stream 2 AG – a subsidiary in 100% of Russian Gazprom – told Reuters in a report.

Between the lines: Even though the West and private companies have taken steps to completely isolate Russia following its unprovoked attack on Ukraine, former German Chancellor Gerhard Schröder – Chairman of the Board of Nord Stream 2 AG – n has yet to sever its lucrative ties with the Russian energy giants.

  • Members of his office staff resigned in protest, according to Politics.

Go further: Putin’s war could herald a new energy era

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