Nord Stream 2’s manager has declared bankruptcy –

German-Russian company Nord Stream 2 has filed for bankruptcy after Germany suspended certification of its gas pipeline as a precaution against Russia’s invasion of Ukraine.

The head of the economy for the canton of Zug, Switzerland, said on Tuesday that the company has filed for bankruptcy and laid off 106 employees.

“Today (Tuesday) we learned that this company cannot continue (…), has to file for bankruptcy and has received a letter of resignation from its employees,” said CEO Thalman-Gut.

Nord Stream 2 could not offer a social plan, “because it went bankrupt,” he added.

The construction of this gas pipeline was defended for years by former government leader Angela Merkel against pressure from the United States, which saw it as a tool for Russian President Vladimir Putin to throw an energetic sober song into the first power. European economy.

Maneuvers in preparation for the invasion of Ukraine and its completion last week have finally closed off the south of this soon-to-be-operated pipeline, which can carry 55 billion cubic meters of gas per year.

BLOCKED. Early last week, Germany announced the suspension of this pharaoh’s work, in which it hopes to make the energy transition. And on Wednesday the 23rd, as Russian forces openly prepare for the offensive, US President Joe Biden announced he will impose sanctions on the gas pipeline and its operators.

Nord Stream’s parent company is Russian energy giant Gazprom.

The 1,230 km submarine pipeline was completed in 2021 with an investment of $11,000 million, but was awaiting German certification for use.

This million-dollar project “is nothing more than a pile of steel at the bottom of the sea,” said Ned Price, a spokesman for US diplomacy at the time.

Meanwhile, oil company Shell announced that it was defaming all joint ventures against which Gazprom protested the occupation of Ukraine. AFP-EFE

Source: Ulti Mahora