On May 9, 2025, the Court of Zug state, Switzerland approved a financial restructuring agreement for Nord Stream 2 AG. Since no appeal was filed within the prescribed time limit under Swiss law, the court's decision has now officially come into effect. Therefore, the banking Delegation for Nord Stream 2 AG has also ended," Gazprom said in its IFRS financial report for the first quarter of 2025.
Previously, since May 2022, a Swiss court had repeatedly ordered the Nord Stream 2 operator to temporarily suspend bankruptcy. The most recent banking deferral order was issued in January 2025, giving the gas pipeline operator connecting Russia and Germany time to repay debts to small creditors. The payment was made right before the trial in Switzerland.
Despite Nord Stream 2 AG struggling with two bank accounts and international sanctions, the debts are still paid in the end.
Currently, Nord Stream 2 AG has also reached agreements with major creditors, who were involved in the Nord Stream 2 project but withdrew, including Austria's OMV, Wintershell and Uniper of Germany, Engie of France and Shell of the Netherlands - UK.
The total amount of money that the Nord Stream 2 operator owes these partners could be up to more than 1 billion Swiss francs (about 1.02 billion euros). These partners have lent Nord Stream 2 a total of about 4.75 billion euros to build the pipeline.
Previously, a representative of Transliq AG, the interim manager of Nord Stream 2, said that they are planning to operate the gas pipeline by 2030 and are expected to use it for 50 years.
The cost of restoring a damaged branch of Nord Stream 2 will fall to around 633 million euros. The remaining branch of Nord Stream 2 is still intact after the Nord Stream sabotage in September 2022.
In January of this year, the Danish Energy Agency allowed Nord Stream 2 Ag to preserve the Nord Stream 2 pipeline branch broken by sealing the tip of the pipe. However, the Danish side also requires the company to submit a plan to use the remaining air pipeline branch, and work with the Defense Ministry of Defense to coordinate the ship for repair.
Some Western newspapers reported that the US and Russia are discussing the Nord Stream 2 project, in which it is likely that US companies will participate in investing.
According to sources, there are negotiations on whether US investors will buy shares in Nord Stream, the gas pipeline connecting Russia and Germany, or buy a gas pipeline system passing through Ukraine, or even a stake in Gazprom. Several US companies are buying gas from Gazprom to resell to Europe, including Germany, which could also become investors.
The two sources revealed that during the diplomatic negotiations, the US also proposed a plan for an American enterprise to buy gas from Russia and export it to Europe under the US name, to ease political opposition in Europe to the restoration of gas supplies from Russia.
The Nord Stream 2 pipeline has never been put into operation. The project will be completed by the end of 2021. However, in 2022, immediately after Russia launched the conflict in Ukraine, the German government temporarily suspended the certification process for the operator.
