Bankruptcy Stay for Nord Stream 2 Pipeline Firm Extended

A Swiss court has granted the operating company for the never-opened Nord Stream 2 pipeline, which was built to bring Russian gas to Germany but put on ice shortly before Russia invaded Ukraine, a four-month extension to its “stay of bankruptcy,” the Associated Press reported. The stay for Nord Stream 2 AG was extended from Sept. 10 through Jan. 10 by a regional court in Zug canton (state), according to a notice published Thursday in the Swiss Official Gazette of Commerce. The company, a subsidiary of Russia’s Gazprom, is based in Zug. German Chancellor Olaf Scholz’s government halted the certification process for the pipeline on Feb. 22, after Russia recognized the independence of two separatist regions in eastern Ukraine and two days before Moscow launched its invasion. U.S. President Joe Biden President then directed his administration to impose sanctions on the operating company. The pipeline project had long drawn resistance from Ukraine and eastern European countries, as well as bipartisan opposition in the U.S. Read more.