Nordstream 2 pipeline bankrupt after Russian sanctions – By Oli Povey (AS USA) / March 1, 2022
Nord Stream 2 AG, the operator behind the controversial gas pipeline under the Baltic Sea, has fired all of its staff and filed for bankruptcy.
The Swiss-based company was one of the first targets of major sanctions against Russia and was proof of Germany’s commitment to hit Russia economically, despite the damage it would cause to itself. Now, the project lies in tatters after costing billions and reaping no benefits.
The bankruptcy will likely drive natural gas prices even higher as global markets continue to fluctuate on news of the Russian war against Ukraine.
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