11 May 2022 17:38

Swiss court grants provisional stay of bankruptcy to Nord Stream 2 operator

MOSCOW. May 11 (Interfax) - The court of the canton of Zug, Switzerland, on May 10 suspended the bankruptcy proceedings of the Nord Stream 2 operator, Nord Stream 2 AG, for four months until September 10, 2022, the court said in a statement.

"The applicant was granted a provisional composition moratorium," it said.

Transliq AG is provisional administrative receiver.

The Nord Stream 2 offshore pipeline, with annual capacity of 55 billion cubic meters of gas, runs from Russia's Leningrad Region to the Baltic Sea coast of Germany. Currently, both strands of the pipeline have been built, tested, filled with gas, and are ready for operation.

German Chancellor Olaf Scholz had previously instructed the German Federal Ministry of Economic Affairs to withdraw its report on the pipeline, which had previously been submitted to the regulator, the Federal Network Agency. Consequently, the certification process for the pipeline has been halted. The United States then placed the Nord Stream 2 AG project company in its sanctions list. The company was thus forced to terminate contracts with employees.