An $11 billion pipeline project was cancelled and the company went bankrupt and fired all 106 employees, the aftermath of sanctions imposed on Russia..The pipeline, Nord Stream 2, was a target of many sanctions with the hope to deter Russian attacks on Ukraine..Nord Stream 2 was to be planned and operated by Nord Stream 2 AG, which was Swiss-based but a wholly-owned subsidiary of Gazprom, a Russian government company..“Following the recent geopolitical developments leading to the imposition of U.S. sanctions on Nord Stream 2 AG, the company had to terminate contracts with employees,” said Nord Stream 2 AG..“We very much regret this development.”.The pipeline has been built along the same route as the existing Russian pipeline, running through the Baltic Sea to Germany, but no natural gas has gone through it.. Swiss company bankrupt as side effect of sanctions on RussiaA map of the Nord Stream 2 pipeline .Last week, Germany froze the certification of Nord Stream 2, then the US placed sanctions on the company..The pipeline that was intended to carry natural gas from Russia to Germany has already been built, but not used..The project would increase Europe’s energy dependence on Russia..Ewa Sudyk is a reporter with the Western Standard.,.esudyk@westernstandardonline.com
An $11 billion pipeline project was cancelled and the company went bankrupt and fired all 106 employees, the aftermath of sanctions imposed on Russia..The pipeline, Nord Stream 2, was a target of many sanctions with the hope to deter Russian attacks on Ukraine..Nord Stream 2 was to be planned and operated by Nord Stream 2 AG, which was Swiss-based but a wholly-owned subsidiary of Gazprom, a Russian government company..“Following the recent geopolitical developments leading to the imposition of U.S. sanctions on Nord Stream 2 AG, the company had to terminate contracts with employees,” said Nord Stream 2 AG..“We very much regret this development.”.The pipeline has been built along the same route as the existing Russian pipeline, running through the Baltic Sea to Germany, but no natural gas has gone through it.. Swiss company bankrupt as side effect of sanctions on RussiaA map of the Nord Stream 2 pipeline .Last week, Germany froze the certification of Nord Stream 2, then the US placed sanctions on the company..The pipeline that was intended to carry natural gas from Russia to Germany has already been built, but not used..The project would increase Europe’s energy dependence on Russia..Ewa Sudyk is a reporter with the Western Standard.,.esudyk@westernstandardonline.com
