Nord Stream 2 AG Does Not Confirm Reports of Starting Bankruptcy Proceedings

© Photo : Nord Stream 2 / Nikolai RyutinNord Stream 2
Nord Stream 2  - Sputnik International, 1920, 02.03.2022
The company, which was supposed to operate the pipeline capable of pumping 55 million cubic metres of gas from Russia to Germany, only fired all of its personnel due to sanctions slapped on it. The project was put on ice by German authorities in response to Russia starting a special operation to demilitarise and "de-Nazify" Ukraine.
Nord Stream 2 AG has not confirmed reports about it initiating bankruptcy proceedings after several media outlets claimed that the process had started.
"The company only informed local authorities about the forced termination of contracts with personnel due to US sanctions imposed on Nord Stream 2 AG", the firm stated.
The report about bankruptcy was initially made by Swiss broadcaster SRF. Switzerland is home to Nord Stream 2 AG's HQ. The company had 106 employees before it was forced to lay them off due to sanctions.
Since the start of Russia's special operation in Ukraine, the German government has announced that the Nord Stream 2 project has been frozen indefinitely, while the US slapped sanctions on it. The pipeline was finished last year, but never launched. It is capable of pumping 55 million cubic metres of gas from Russia to Germany per year.
Commenting on the current state of the project and if it was "dead", Kremlin spokesman Dmitry Peskov stated that its infrastructure is ready in technical, technological, and logistics terms and that it is not going to change. Peskov noted that common sense and economic feasibility clearly indicate the necessity of a speedy launch of the pipeline.
The measures that put the project on hold were imposed by the US and Germany in response to Russia launching a special military operation in Ukraine, calling the act an "invasion". Russian President Vladimir Putin declared the operation's goals as the demilitarisation and denazification of Ukraine and stressed that Moscow was left with no other choice following Kiev's failure to implement the Minsk agreements. The Kremlin has repeatedly stressed that it is not attacking civilian objects, only military facilities and that it does not plan to seize Ukrainian territory.
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