MOSCOW, March 1. /TASS/. Nord Stream 2 AG, the operator of Nord Stream 2, has been forced to cancel contracts with staff due to the geopolitical situation and Washington’s sanctions, the company’s press service told TASS.

"As a result of the geopolitical situation unfolding and the sanctions imposed on Nord Stream 2 AG by the US, the company has been forced to cancel contracts with staff. We deeply regret this forced step," the company said.

Reuters news agency reported on Tuesday citing sources that Nord Stream 2 AG was considering filing for insolvency due to the restrictions imposed on it.

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 in response to Russia’s actions in Ukraine.