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Nord Stream 2 AG fires 106 employees, could file for bankruptcy

Is an $11 billion investment in a prized gas pipeline will now go to waste?

Nord Stream 2 AG fires 106 employees, could file for bankruptcy

Zug, March 1 - Neftegaz.RU. The Switzerland-based Nord Stream 2 AG is insolvent, the pipeline has seen much opposition from the countries, which said it threatens the security of Central and Eastern Europe.
The job cuts were confirmed by the company which reportedly considers filing for insolvency.

Silvia Thalmann-Gut, economics director in the Swiss canton of Zug where the company is based, told public broadcaster SRF:
  • Nord Stream became insolvent because of last week’s US sanctions
  • The regional authorities had been informed Tuesday that the company had filed for bankruptcy and its entire workforce of 106 people had been laid off
The US sanctioned Nord Stream 2 last week after Russian President Vladimir Putin announced the sovereignty of the 2 Donbass republics.

Russia wanted to double the capacity of natural gas deliveries to Germany with the pipeline through the Baltic Sea.
Nord Stream 1, which links Vyborg in Russia with Greifswald in northern Germany and has been operational since 2011.

The twin pipeline stretches approximately 1,234 km from Russia to Germany, a route that largely runs parallel to the existing Nord Stream system.
Nord Stream 2 passes through the waters of 5 Baltic Sea nations: Russia, Finland, Sweden, Denmark and Germany.
Pipeline construction began in 2018.
In 2021, Nord Stream 2 AG completed the $11 billion project, financed by Gazprom, Shell, OMV, Engie, Uniper and Wintershall DEA.

The U.S., the UK, Poland, Ukraine and Baltic countries have opposed the pipeline since it was announced in 2015, warning the project would increase Moscow's influence in Europe.

Traditionally neutral Switzerland, which initially hesitated to impose its own sanctions on Russia, announced on Feb. 28 that it would follow the EU’s lead and apply all of the same stiff penalties the bloc has imposed so far.

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