A German public fund was set up to help Russia's Gazprom complete the Nord Stream 2 gas pipeline, which wants to pay €12 million ($12.10 million) to settle the fund's debts to Gazprom's Nord Stream 2 AG subsidiary, Welt am Sonntag reported on July 17.
Germany's public defender has yet to clarify whether it will be delayed in transferring money due to sanctions against Russia.
Established in 2021 with a grant of €20 million ($20,3 million) from Nord Stream 2 AG and €200,000 ($201,800) from the Mecklenburg-Vorpommern state government, the fund has a commercial arm to purchase and own assets needed to complete the Nord Stream 2 gas pipeline project.
In February, Germany suspended the $11 billion gas pipeline. The head of state Mecklenburg-Vorpommern announced that the public fund involved in the pipeline would be closed.
Erwin Sellering, the funds head, told Welt am Sonntag that the fund wants to cut off all ties with Nord Stream 2 after paying the €12 million owed to Swiss-based Nord Stream 2 AG. Nord Stream 2 AG is the unit that completed the Baltic Sea gas pipeline last year.
About €10 million in total proceeds from the sale of machinery, equipment and materials as well as purchases that Nord Stream 2 has previously funded, Welt am Sonntag quoted German public funds as saying.
In addition, the German fund will return 2 million Euros to the company in advance payment. In March 2022, Nord Stream 2 AG went bankrupt.
