Nord Stream 2 pipeline company gets 6-month bankruptcy extension

Berlin – A Swiss court has granted a six-month “bankruptcy moratorium” to the operator of the never-opened Nord Stream 2 pipeline, which was designed to transport Russian gas to Germany shortly before Russia invaded Ukraine in February. was frozen.

The district court in the Swiss canton of Zug (canton) extended the company’s stay period from January 10 to July 10, according to a notice published in the Swiss Official Commercial Gazette on Wednesday.

Nord Stream 2 AG is a subsidiary of Gazprom and is headquartered in Zug. Transliq AG, the court-appointed administrator for Nord Stream 2, sought an extension.

German Chancellor Olaf Schulz’s government Certification process stopped February 22, after Russia recognized the independence of two separatist regions in eastern Ukraine. Two days later, Russian President Vladimir Putin ordered troops into Ukraine, and U.S. President Joe Biden then directed his administration to impose sanctions on the Nord Stream 2 operating company.

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

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

Russia, which used to account for more than half of Germany’s gas supplies, has reduced supply since mid-June, citing technical problems with the parallel Nord Stream 1 pipeline.it no gas delivered Return home at the end of August.

Putin regularly taunts the West by raising the prospect of sending gas through Nord Stream 2, a political impossibility for the German government and others.

In September, a submarine explosion damaged Nord Stream 1 and Nord Stream 2.Prosecutors lead preliminary investigation in Sweden last month said Investigators found traces of explosives at the site where the pipeline was damaged by an act of “serious vandalism”.

Investigators have given no indication of who they believe may be responsible.

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