Nord Stream 2 forced to lay off staff, may file for bankruptcy

1 Mar, 2022 12:01
Over 140 employees lost their jobs after Germany stopped pipeline certification indefinitely

The operator of Russia’s Nord Stream 2 gas pipeline project was forced to lay off all its local staff of over 140 employees, based in Zug, Switzerland, according to the Swiss economy minister. The company is also considering filing for bankruptcy, media reported on Tuesday.

The decision to cut staff was made after Germany froze the project’s certification indefinitely amid sanctions on Russia over the war in Ukraine.

“We have learnt that all the staff of Nord Stream 2 in Zug, more than 140 people, have been made redundant,” Economy Minister Guy Parmelin said in an interview with Swiss public radio RTS on Monday.

The pipeline operator did not comment on the situation.

Washington’s sanctions against the company were introduced on February 23 in response to Russia’s recognition of the independence of the Donbass republics, which used to be part of Ukraine.

The Swiss-based Nord Stream 2 AG is in charge of the gas pipeline project between Russia and Germany, which was meant to provide Europe with additional gas supplies. The pipeline was finished in August last year, but did not start delivering gas due to bureaucratic delays to certification.

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