Ukraine crisis: Nord Stream 2 firm files for bankruptcy after Russian invasion
- The pipeline company owned by Russian energy giant Gazprom is now insolvent and has laid off its entire workforce
- Berlin has halted the project, built to bring Russian gas to Europe, as Moscow faces a barrage of sanctions from the West
The Swiss-based Nord Stream 2 company has gone belly-up after Germany halted the gas pipeline following Moscow’s invasion of Ukraine.
Berlin halted the project, built to bring Russian gas to Europe, as Moscow faced a barrage of sanctions from the West.
“Nord Stream became insolvent because of last week’s US sanctions,” Silvia Thalmann-Gut, economics director in the Swiss canton of Zug where the company is based, told public broadcaster SRF.
She said the regional authorities had been informed Tuesday that the company had filed for bankruptcy and its entire workforce of 106 people had been laid off.
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