MOSCOW, March 3. /TASS/. The German subsidiary of the Nord Stream 2 operator, Gas for Europe GmbH, which acts as the operator of the gas pipeline section in Germany, announced its possible liquidation due to current events around the project, according to the company's website.
"Due to current developments, also at our shareholder Nord Stream 2 AG, Gas for Europe GmbH will probably be wound up," the statement says.
Earlier, Nord Stream 2 AG denied reports about the start of its bankruptcy procedure. It only informed the Swiss authorities about the forced termination of contracts with personnel. The company was forced to terminate contracts with employees due to the geopolitical situation and US sanctions.
On January 26, 2022, Nord Stream 2 AG announced the establishment of the German subsidiary Gas for Europe GmbH, which was to become the operator of the gas pipeline section in Germany as an independent transport system operator in accordance with the law of the country.
Nord Stream 2
On February 22, German Chancellor Olaf Scholz announced that the German government was suspending the certification of the Nord Stream 2 project after Russia recognized the sovereignty of the Donetsk and Lugansk People's Republics. The next day, US President Joe Biden ordered his administration to impose sanctions on Nord Stream 2 AG and its leadership in response to Russia's actions in Ukraine.
The construction of Nord Stream 2 was fully completed on September 10, 2021. Initially, it was planned to be completed before the end of 2019, but due to Washington’s sanctions, the construction was delayed. The gas pipeline consists of two strings with a total capacity of 55 billion cubic meters per year, which run from the coast of Russia through the Baltic Sea to Germany.
Moscow has repeatedly stressed that Nord Stream 2 is a commercial project and is being implemented jointly with European partners.