1. The designation of Nord Stream 2 AG as a US Specially Designated National (SDN) on 23 February 2022 and recent geopolitical developments have led to an inability on the part of the Claimant to pursue the arbitration at this time. In particular, the Claimant’s bank accounts have been blocked, meaning NSP2AG is unable to make any payments or access finance.
2. The Claimant consequently requested a suspension of the arbitration.
...
6. By letter dated 8 June 2022, the Claimant informed the Tribunal that it had been granted a provisional composition moratorium until 10 September 2022 by the Cantonal Court in Zug, by which date the Cantonal Court would decide on a definitive composition moratorium, an extension of the provisional composition moratorium, or a declaration of bankruptcy. The Claimant noted that, given these circumstances, until “that point in time [it] will not be in a position to give any further substantial indication concerning its circumstances, its ability to continue the proceedings, nor on the further conduct of the proceedings, or on timing.
Accordingly, it requested a continuation of the suspension of the proceedings and a postponement of the 20 June 2022 procedural meeting until a date after 10 September 2022. .. ”
A Swiss court has granted the operator of the Nord Stream 2 gas pipeline from Russia to Germany a stay of bankruptcy until early January, as calls from within Germany for the link to be opened continue.
On May 11, Switzerland-based Nord Stream 2 AG was awarded a provisional stay of bankruptcy until Sept. 10, according to a notice in the Swiss Official Gazette of Commerce.
28 Dec 2022 - Nord Stream 2 pipeline firm gets 6-month stay of bankruptcy[MRT: There was one rogue actor who was very energy insecure watching this decision carefully. That state actor di not have a legal power to effect the case. The only possible way how to stop the project was a direct hit, a destruction. Just 16 days after on 26-09-2022 both Nordstream 1 and Nordstream 2 are attacked. This decision was a trigger.]
A Swiss court has granted a six-month “stay of bankruptcy” to the operating company for the never-opened Nord Stream 2 pipeline, which was built to bring Russian gas to Germany but put on ice shortly before Russia invaded Ukraine in February.
The company’s stay was extended from Jan. 10 through July 10 by a regional court in the Swiss canton (state) of Zug, according to a notice published Wednesday in the Swiss Official Gazette of Commerce.
Nord Stream 2 AG, a subsidiary of Russia’s Gazprom, is based in Zug. Nord Stream 2’s court-appointed administrator, Transliq AG, sought the extension.
German Chancellor Olaf Scholz’s government halted the certification process for the pipeline on Feb. 22, after Russia recognized the independence of two separatist regions in eastern Ukraine. Russian President Vladimir Putin ordered sent troops into Ukraine two days later, and U.S. President Joe Biden President then directed his administration to impose sanctions on the Nord Stream 2 operating company.
[MRT: The NOrdstream 2 AG refuses to die - a real Cliffhanger]
Despite explosions: The NordStream companies in Zug live on
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