Thursday, September 18, 2025

Latest

Nord Stream 2 Operator Lays Off Staff, Mulling Bankruptcy

Russian-owned Nord Stream 2 is facing a bleak future after Germany indefinitely halted its certification process over Russia’s invasion of Ukraine last week, prompting the pipeline’s operator to make some tough decisions.

The Swiss-based Nord Stream 2 AG was forced to lay off all of its 140 employees, after German chancellor Olaf Scholz last week halted the pipeline’s certification process by withdrawing a previously submitted report regarding the security of Germany’s natural gas supplies. “We have learnt that all the staff of Nord Stream 2 in Zug, more than 140 people, have been made redundant,” announced Swiss economy minister Guy Parmelin during an interview with public radio station RTS.

Last week, the Biden administration imposed stringent sanctions against Nord Stream 2 AG, after Russian President Vladimir Putin announced the sovereignty of the two Donbass republics, and subsequently invaded Ukraine. On February 23, the Office of Foreign Assets Control of the US Treasury Department ordered the “the wind down of transactions involving Nord Stream 2 AG” or “any entity in which Nord Stream 2 AG owns, directly or indirectly, a 50 percent or greater interest” before March 2.

So, with Germany completely axing the pipeline, coupled with the West’s sanctions, the company— which is owned by Russia’s Gazprom and overlooks the project from Russia to Germany— is also allegedly looking to file for insolvency. According to Reuters, which cited individuals familiar with the matter, Nord Stream 2 AG has been working with a financial advisor to help address its liabilities, and is slated to officially begin the bankruptcy process in a Swiss court sometime this week.

Both Nord Stream 2 AG and Gazprom failed to comment on the situation.


Information for this briefing was found via Reuters and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $10K Gold No Longer Sounds Crazy | Dan Wilton – First Mining Gold

The Pure Silver Set Up! | Joaquin Marias – Argenta Silver Corp

Why $30,000 Gold Isn’t Crazy! | Simon Marcotte – Northern Superior

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Despite Gas Delivery Suspension To Poland And Bulgaria, Gas Prices Hit Lower Highs In Europe

On April 27, Russia decided to further escalate tensions with the West by announcing its...

Sunday, May 1, 2022, 03:12:00 PM

Gazprom Reportedly Activated Force Majeure On Major Nord Stream Supply Obligation

The feared gas doomsday might arrive earlier than anticipated after Russian state-run oil firm Gazprom...

Monday, July 18, 2022, 10:32:00 AM

Gazprom Halts Nord Stream Gas Shipments Indefinitely Due to Leakage

Natural gas shipments to Europe via Nord Stream 1 have been completely halted due to...

Friday, September 2, 2022, 02:40:24 PM

Russia Stops Gas Flow to Austria in Payment Dispute

Russia’s Gazprom halted natural gas supplies to Austria on Saturday in a payment dispute, marking...

Monday, November 18, 2024, 02:09:00 PM

Russian Gas Exports Sink To 1985 Levels As Europe Turns To New Sources

Gazprom, once a dominant player in the global gas market, faces a stark reality as...

Monday, January 1, 2024, 09:51:27 AM