MOSCOW, March 1. /TASS/. Nord Stream 2 AG, the operator of the Nord Stream 2 project, is considering filing for insolvency due to restrictions imposed on it, Reuters agency reported on Tuesday citing sources.

The company has been working with a financial adviser on clearing some of its liabilities and could formally begin insolvency proceedings in a Swiss court as soon as this week, according to sources.

TASS has requested comments from the company and Gazprom, its only shareholder.

German Chancellor Olaf Scholz stated earlier that the German government stopped the certification process of the Nord Stream 2 gas pipeline project after Russia recognized the Donetsk and Lugansk People's Republics. On the following day US President Joe Biden instructed the administration to impose sanctions against Nord Stream 2 AG and representatives of its leadership responding to Russia’s actions in Ukraine.