Nord Stream 2 not yet bust as Russia warns ties at risk
A Swiss company operating Russia’s new gas pipeline to Europe, a project known as the Nord Stream 2, has denied reports it has gone bankrupt because of a war in Ukraine as Moscow issues a bitter warning saying Germany’s decision to suspend the project would badly harm bilateral ties.
Nord Stream 2 AG said in a Wednesday statement that it had not filed for insolvency as reported by Reuters news agency a day earlier.
The company insisted that it had only informed local Swiss authorities that it should terminate contracts with employees following a US decision to impose sanctions on the project because of a military conflict between Russia and Ukraine that started on Friday.
“We do not confirm the media reports that Nord Stream 2 has filed for bankruptcy,” said the company.
Nord Stream 2 is a 1,230 km (767 mile) pipeline from Russia to Germany that could significantly boost gas supplies in Europe once it gets the approval of German and European Union authorities.
The $11 billion project, which is nearly half owned by Russia, has stalled since October mainly because of US pressure and despite the fact that it is fully ready to transfer gas from Russia to Germany.
The German government suspended the project last month after Russia recognized two Ukrainian provinces as independent states.
Russia's Foreign Ministry said on Wednesday that the decision to freeze the Nord Stream 2 would irrevocably damage ties between Moscow and Berlin.
“Responsibility for the consequences of these illegitimate actions, which call into question the reputation of Germany as a reliable foreign economic partner, rests entirely on the German side,” said a document released by Russia's Foreign Ministry spokeswoman Maria Zakharova.
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