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    Nord Stream 2 AG has filed for bankruptcy

    Nord Stream 2 AG, which was intended to operate the Nord Stream 2 gas pipeline between Russia and Germany, filed for bankruptcy. The company’s decision is related to the sanctions imposed by Joe Biden’s government after the Russian invasion of Ukraine.

    Previously, Reuters reported on Tuesday that the Swiss company Nord Stream 2 AG was considering filing for bankruptcy. The agency reported at the time that this move was related to US sanctions against the gas pipeline. The insolvency proceedings are scheduled to begin this week before a Swiss court.

    According to Reuters, “Nord Stream 2 AG is working with a financial advisor to settle some of its liabilities and will be able to officially open insolvency proceedings before a Swiss court this week.” Previously, the media reported that the company had laid off 140 employees.

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