Nord Stream 2 says it has not filed for insolvency

Switzerland-based pipeline operator Nord Stream 2 AG said it has not filed for insolvency.

“We do not confirm media reports that Nord Stream 2 has filed for bankruptcy”, the company noted.

“The company has informed local authorities that it has had to terminate contracts with employees following the imposition of US sanctions on the companyNord Stream 2 AG added in emailed comments.

The company was studying the possibility of declaring bankruptcy, two sources familiar with the situation told Reuters earlier this week, as it tries to resolve the claims before the deadline of US sanctions for entities to stop operating. deal with her.

For her part, the director of economics for the canton of Zug, Silvia Thalman, said that process had not been activated. “We know that Nord Stream 2 is facing huge payment difficulties. The company has not yet filed for bankruptcy.”.

the pipeline North Stream 2, 1,230 kilometers long and running from Russia to Germany, did not begin commercial operation because it was awaiting German certification. The approval process was put on hold last week as a result of the escalation of the Ukrainian crisis.

Since the Russian invasion of Ukraine In the past week, several large companies have said they will abandon their operations in Russia, including Shell, which has said it will no longer participate in Nord Stream 2, among other investments.

Russia describes his activities in Ukraine as “special operation”.