Company behind Nord Stream pipeline fires employees, denies filing for bankruptcy

The company operating the Nord Stream pipeline, which was slated to facilitate the flow of gas from Russia to Europe, has terminated its contracts with employees following Russia’s invasion of Ukraine. The company has denied rumors of bankruptcy.

The pipeline, a project that has caused some inconvenience for the US in their diplomatic efforts, was suspended last week in the first round of sanctions against the Kremlin after its unprovoked attack on Ukraine.

Following the sanctions, the owners of the pipeline have informed Reuters that they were forced to fire all 106 of their employees, but denied filing for bankruptcy.

“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,” the company said in an email to Reuters. 

“We cannot confirm the media reports that Nord Stream 2 has filed for bankruptcy,” Nord Stream 2 AG said in a statement.

“The company only informed the local authorities that the company had to terminate contracts with employees following the recent geopolitical developments leading to the imposition of US sanctions on the company,” it added.