The Swiss-based company, which manages the Russian-German gas pipeline Nord Stream 2, which has never started transporting cargo, is considering bankruptcy, two sources familiar with the matter told Reuters, in order to cover obligations before the application of US sanctions, which will block any corporate transaction.
The United States imposed sanctions on Nord Stream 2 AG last week after Russia recognized the two separatist “democracies” of eastern Ukraine shortly before the general invasion of the country, which led to new waves of sanctions against Moscow.
The company, which is based in Switzerland but is owned by Russian state-owned energy giant Gazprom, completed a $ 11 billion project last year aimed at doubling the amount of gas it would transport from Russia to Germany.
With the help of a financial adviser, one of the sources said, the company is “closing” its open liability accounts and possibly filing for bankruptcy in a Swiss court even within a week.
According to Reuters sources, but also based on statements by the Minister of Economy of Switzerland Guy Parmelin, all 140 employees of the company have already been fired.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
