Nord Stream 2 Operators File Insolvency due to Sanctions

The operators of the the Nord Stream 2 gas pipeline between Russia and Germany filed insolvency over the sanctions that imposed by Europe, US, Japan, Canada, UK, and other countries against Russia after conducting a military operation against Ukraine, Reuters reported on Tuesday.

Last week, Germany froze the project on the Baltic Sea, after Russia recognized two breakaway regions in eastern Ukraine.

The project, which is worth $11 billion was concluded in September, yet, has stood pending by the EU.

The pipeline was set up to relieve pressure on EU consumers who face record energy prices amid a broader post-pandemic livelihood crisis.

The price of European benchmark gas, the Dutch contract for March, rose on Tuesday, 10% to €79.28 per megawatt-hour, much like the price of the fourth quarter.