Tuesday, March 1, 2022

Amid Reports of Bankruptcy Nord Stream 2 Operator Lays Off Employees


The Operator of the Nord Stream 2 Pipeline, announced on Tuesday, that it Terminated Contracts with its Employees, after the U.S. imposed Sanctions on the Project, in response to Russia’s Escalating actions in Ukraine.

"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. We very much regret this development," the Company told Reuters.

Reports suggest that Nord Stream 2 AG is also filing for Bankruptcy, but the Company Denied taking such a Step to U.S. News.

The move also comes after Germany halted the Approval Process for the Company’s Pipeline over Russia’s escalating Actions in Ukraine.

The Pipeline, which runs from Russia to Europe, was expected to come Online later this year.

Kremlin Spokesman, Dmitri Peskov, at the time said that Russia Regretted Germany’s Decision “because we’ve been reiterating this project has nothing to do with politics,” noting that it is a ”purely economical, commercial project which, on top of mutual benefit, is meant to be a stabilizing factor for the European gas market.”

But President Biden offered Support for Germany’s Decision, and followed by issuing his own Sanctions on the Pipeline.

The U.S. Government has long been against the Project, warning that it would lead to Europe becoming too Dependent on Russia for its Energy needs.

“These steps are another piece of our initial tranche of sanctions in response to Russia’s actions in Ukraine,” Biden said in a Statement. “As I have made clear, we will not hesitate to take further steps if Russia continues to escalate.”

If true, I am worried that the Pipeline had been already filled with Gas.










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