Swiss politician: Nord Stream 2 is about bankruptcy
Created: 03/01/2022, 18:58
The operator of the Russian pipeline Nord Stream 2, based in the tax-efficient Swiss canton of Zug, has laid off all employees, according to Economics Minister Guy Parmelin.
© Philipp Schmidli/KEYSTONE/dpa
First the approval process for Nord Stream 2, which was put on hold, then the US sanctions: According to the authorities, the company behind the controversial pipeline has massive payment difficulties.
Geneva/Zug – According to a representative of the authorities, the operator of the Russian pipeline Nord Stream 2, based in the Swiss canton of Zug, is on the brink of collapse.
At the Blick-TV broadcaster, Zug economics director Silvia Thalmann-Gut spoke of “bankruptcy” on Tuesday.
The company did not respond to inquiries.
"Nord Stream 2 has massive payment difficulties due to the sanctions imposed," the department later said when asked by the German Press Agency.
As a result, continued employment of 106 dismissed is not possible.
"Officially, bankruptcy has not yet been declared," it said.
In the television interview, Thalman-Gut said: "But this is not a mass layoff.
It will only be if the company continues,” she says.
"In this case, however, it is bankruptcy." In Switzerland, bankruptcy proceedings can be initiated by creditors or the company itself, "if it has to consider itself insolvent," as the Ministry of Economic Affairs writes on its website.
The economics department of a canton corresponds to a ministry of economics in a German federal state.
redundancies
According to the cantonal authorities, they want to report on Friday how the canton of Zug will react.
Swiss Economics Minister Guy Parmelin initially spoke of 140 layoffs on television on Monday evening.
Nord Stream 2 is a subsidiary of the Russian gas company Gazprom and is headquartered in Zug, a good 30 kilometers south of Zurich.
The pipeline that was laid and completed through the Baltic Sea was supposed to bring Russian gas to Germany.
The federal government put the approval process for Nord Stream 2 on hold last week in view of the Russian escalation in Ukraine.
The United States imposed sanctions on Nord Stream 2 AG, prohibiting further business with the company.
more on the subject
Foundation boss: Stop of Nord Stream 2 is an offer for talks
US President imposes sanctions on Nord Stream 2 AG
Gabriel: Nord Stream 2 doesn't stand a chance
The Schwerin subsidiary Gas for Europe, founded by Nord Stream 2, has initially ceased operations.
"Due to the situation at Nord Stream 2 AG, the activities of Gas for Europe GmbH have stopped," said a spokesman on Tuesday.
The subsidiary had previously been founded to meet the requirements of the Federal Network Agency.
dpa