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

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 Schr̦der РChairman of the Board of Nord Stream 2 AG Рn 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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