Moratorium on payments to creditors
“On May 10, the court of the canton of Zug suspended the bankruptcy proceedings of Nord Stream 2 operator Nord Stream 2 AG for four months, until September 10, 2022,” Interfax said, referring to the company.
Nord Stream 2 AG announced that “the applicant has been placed on a temporary moratorium on payments to creditors”.
Transliq AG took place as interim manager.
Sanctions due to the situation in Ukraine
The Nord Stream 2 offshore gas pipeline with a capacity of 55 billion cubic meters passes from the compressor station “Slavyanskaya” in the Kingisepp district of the Leningrad region of Russia to the Baltic coast of Germany per year. Both lines of the pipeline are completed, filled with gas and ready for operation.
Construction of the gas pipeline began in 2018 and was completed in 2021, with a two-year delay due to US sanctions. Alongside the US, Kyiv has opposed the project, seeing Nord Stream 2 as a threat to the Ukrainian gas transport system.
On 11 June 2021, Nord Stream 2 AG applied to the German Federal Grid Agency for gas pipeline certification. After that, the regulator introduced new requirements: it is necessary to create a separate company registered in Germany, which will regulate the part of Nord Stream 2 located in the German region.
On February 22, German Chancellor Olaf Scholz announced that the German Council of Ministers had suspended the approval of the Nord Stream 2 project after Russia recognized the sovereignty of the Donetsk and Lugansk People’s Republics. The next day, US President Joe Biden instructed his administration to impose sanctions on the operator and management of the Nord Stream 2 AG project.
Russian President’s Press Spokesperson Peskov said that he hopes the Russian side’s decision to ban will be temporary and that he hopes that the pipeline stretching from the bottom of the Baltic Sea to Germany will still be operational in the future.
According to a Kremlin spokesperson, Moscow sees Nord Stream 2 as a purely economic and commercial project implemented as part of the mutual benefit of Russia and the EU, both suppliers and buyers are interested. The political component of the route, of which European officials were confident, was denied by the press secretary of the Russian leader.
Russian Gazprom is the main investor in Nord Stream 2, but up to half of the project cost and investments were made by European companies – Engie, OMV, Shell, Uniper and Wintershall Dea. On February 28, Shell decided to withdraw from the project.
i am looking for a solution
On April 29, Tino Krupalla, a member of the Bundestag Foreign Policy Committee and leader of the Alternative for Germany party, announced that Nord Stream 2 should be launched.
“Our party believes that the Federal Republic of Germany should in any case adhere to the introduction of Nord Stream 2. Therefore, I see the exchange rate issue independent of the project. “If the euro trade argument helps convince the federal government to commission the pipeline, it might be a good idea,” he said.
According to him, now there is a more serious problem – the complete blocking of Eurasian trade relations due to the sanctions regime.
“We must make it clear that we will not allow such a division in the continent,” the politician said.
At the end of April, it was also known that Nord Stream 2 AG had requested the suspension of arbitration in a dispute on the implementation of the EU gas directive on March 1.
On May 5, Gazprom admitted that the German authorities may decide to put Nord Stream 2 into operation in the future.
“In this case, only one line of the gas pipeline can be put into operation with 100% load. “Commissioning of the second offshore pipeline of the Nord Stream 2 gas pipeline will not be possible until 2028,” he said.
In addition, Gazprom has decided to use the capacities of the Nord Stream 2 project to develop gas supplies to the North-West of Russia.
“Taking into account that the North Stream 2 offshore gas pipeline is not currently in use and the implementation of the gas supply and gasification program for consumers in the North-West region, Gazprom has decided to use excess Russian onshore gas. Transmission capacities of Nord Stream 2 project. 2 “For the development of gas supplies to the North-West regions of Russia.”
Meanwhile in Germany, they believe the Russian special op in Ukraine has outgrown the project.
“We arranged for deliveries from Norway and the Netherlands last week. By agreeing with these partners, we can increase them. Nord Stream <...> Said Annike Eichhorn, spokesperson for the German Ministry of Economy (quote from TASS).