Operator of Nord Stream 2 Fires All Employees After US Sanctions
The operator of Nord Stream 2 has terminated all contracts with employees after it was hit with U.S. sanctions following Russia’s invasion of Ukraine.
The Nord Stream 2 gas pipeline project represents an $11 billion investment from Russia and is designed to carry 55 billion cubic meters of natural gas from Russia to Germany every year. It is registered in Switzerland and owned by Russian state-owned gas giant Gazprom.
The United States sanctioned Nord Stream 2 AG last week after Russia recognized two breakaway regions in eastern Ukraine prior to its invasion of the country, which has prompted a wave of economic sanctions by the West.
“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,” Nord Stream 2 AG told Reuters in an emailed statement.
Switzerland’s economy minister Guy Parmelin told Swiss radio service RTS on Monday that all 140 Nord Stream employees who worked for the company in the Swiss city of Zug had their contracts terminated.
Two unnamed sources also told Reuters that Nord Stream 2 AG is considering filing for insolvency.
https://www.ntd.com/operator-of-nord-stream-2-fires-all-employees-after-us-sanctions_746637.html