Thursday, February 9, 2023

Nord Stream 2 Pipeline Receives Bankruptcy Stay

BERLIN ( Associated Press) – A Swiss court has granted a six-month “bankruptcy stay” for the company that operates the never-opened Nord Stream 2 pipeline, which was built to bring Russian gas to Germany, but Russia It was deactivated shortly after the U.S. invasion of Ukraine. february.

A regional court in the Swiss canton of Zug extended the company’s suspension from January 10 to July 10, according to a notice published Wednesday in the Swiss Official Gazette of Commerce.

Nord Stream 2 AG, a subsidiary of Russia’s Gazprom, is based in Zug. Translik AG, the court-appointed administrator of Nord Stream 2, asked for an extension.

German Chancellor Olaf Scholz’s government halted the certification process for the pipeline on 22 February after Russia recognized the independence of two breakaway regions in eastern Ukraine. Russian President Vladimir Putin ordered troops into Ukraine two days later, and US President Joe Biden then called on his government to impose sanctions on the company that operates Nord Stream 2.

The pipeline project has long drawn resistance from bipartisan opposition in Ukraine and Eastern European countries, as well as in the United States.

In early March, the operating company said it had laid off all of its employees in Zug, which numbered 110, according to local officials.

Russia once provided more than half Germany’s natural gas supply, but began cutting supplies in mid-June due to alleged technical problems with the parallel Nord Stream 1 gas pipeline. Since late August, it has not supplied gas to the country.

Nation World News Desk
Nation World News Desk
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