EurOil: Nord Stream 2 becomes insolvent

The Swiss-based operator of Russia’s beleaguered Nord Stream 2 gas pipeline project has become insolvent, a Swiss official told local radio on March 1.

The US slapped Nord Stream 2 with additional sanctions last week in response to Russia’s recognition of eastern Ukraine’s breakaway regions of Donetsk and Lugansk as independent, while German Chancellor Olaf Scholz announced that his government would halt the certification process necessary for the pipeline to start up.

Speaking to Swiss radio station SRF, the economic director for the canton of Zug, where the Nord Stream 2 AG company is based, said that cantonal authorities had been informed that day that the business was unable to continue its operations.

“The head of the office for economic affairs and labour was on site today and was informed in detail about the situation,” Silvia Thalmann-Gut said.

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