Nord Stream II preparing for bankruptcy

The operator of the Nord Stream 2 project is about to declare bankruptcy in a few days. The company was in a state of collapse against the backdrop of Western sanctions and a Russian special operation that unfolded on the territory of Ukraine. It is reported that the application will be submitted to the Swiss court of Zug, which is competent to consider this issue. An application to the document should be a petition to establish a moratorium on the work of the company.

Information about the plans for the bankruptcy of Nord Stream II was published on March 24 by the Stuttgarter Zeitung. In it, journalists referred to the words of the head of the company, Matthias Warnig.

In the first days of March 2022, Rusbankrot already published a message about the possible bankruptcy of the company, but the company itself then publicly denied rumors of insolvency. At the same time, the company's management ordered to temporarily close the website due to hacker attacks and problems in implementing an open information policy. What is more, the organization had to send on vacation, and, in fact, lay off all the staff (106 employees).

The project was actually ready to be launched on December 29, 2021.

This was reported by the head of the Gazprom Сompany, which owns the pipeline. Due to the project, in which the largest concerns of the energy and oil market (Shell, OMV, Engie, Uniper, Wintershall DEA) took financial part, it was planned to increase the volume of natural gas transported to Germany along the bottom of the Baltic.

By the end of February, the situation with the project came to a standstill. On February 22, an order to the German Ministry of Economy with a request to suspend the certification of the gas pipeline was given by Olaf Scholz. The chancellor said that it was impossible to continue the development of the project. At the same time, Robert Habek, who heads the ministry, expressed doubts about Germany's ability to completely free itself from Russian energy dependence even in a few months.

On February 23, US authorities imposed sanctions against Nord Stream II.

President Joe Biden commented on his decision with reference to the actions of the head of the Russian Federation. In his opinion, the President of the Russian Federation allowed the whole world to think about abandoning Russian hydrocarbons and switching to other types of energy. And already on February 24, the Russian leader announced the start of a special military operation.