Operator Nord Stream 2, considers bankruptcy!
According to Bloomberg sources, the company is working with a financial advisor to settle a number of liabilities and could formally begin bankruptcy proceedings in a Swiss court later this week.
Asked for comments on the issue, from the company and Gazprom, (which is its sole shareholder) there was no comment
- Russia sends gas to Europe through main pipelines – such as Nord Stream 1, and recently finalized Project Nord Stream 2
Eurostat estimates that Russia supplies about 41% of the EU’s natural gas imports.
The rest comes from Norway and Algeria.
*Eurostat index on main EU gas supply 19/20
Last week, German Chancellor Olaf Scholz announced that the German government was suspending certification for the Nord Stream 2 project after Russia recognized the Republics of Donetsk & Luhansk and launched a formal invasion of Ukraine.
The next day, US President Joe Biden ordered his administration to impose sanctions on Nord Stream 2 operator and its leadership in response to Russia’s actions in Ukraine.
- Construction of Nord Stream 2 was completed on September 10, 2021.
It was originally scheduled to be completed before the end of 2019, but due to US sanctions, construction was delayed.
The gas pipeline consists of two ranges with a total capacity of 55 billion cubic meters, which run from the shores of Russia through the Baltic Sea to Germany.
The Russian side has repeatedly stressed that Nord Stream 2 is an important financial trade project, that was implemented together with European partners.
