Court suspends bankruptcy proceedings against Nord Stream 2 operator

Swiss court suspends Nord Stream 2 AG bankruptcy proceedings until 10 July 2023

The bankruptcy proceedings against Nord Stream 2 AG have been extended for another six months, now until 10 July 2023, according to the website of the Swiss Official Gazette.

According to the published data, the court of the Swiss canton of Zug has granted the Nord Stream 2 AG project operator a moratorium on payments to creditors for another six months – until 10 July 2023.

“Nord Stream 2 runs from the Russian coast through the Baltic Sea to Germany and consists of two pipelines with a total capacity of 55 billion cubic metres of gas per year. It was fully completed in September 2021, and work was underway on the launch, which included both technical measures and regulatory approvals, primarily from the German authorities. However, the German government halted certification after Russia recognised the sovereignty of the DNR and LNR in February. German Foreign Minister Annalena Berbock said that “the project is effectively frozen”.

Additionally, on 23 February, the US Ministry of Finance imposed sanctions on the Nord Stream 2 AG project operator and its executive director Matthias Warnig.

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