Another business bites the dust as the fall out from the Russian invasion of Ukraine continues

Another business bites the dust as the fall out from the Russian invasion of Ukraine continues

With the EU taking economic action against Russia over their invasion of Ukraine the firm that built Nord Stream 2 is thought to be collapsing into administration.

Based in Switzerland Nord Stream 2 AG owned by the Russian state-owned Gazprom has sacked its 106 workers and is seeking insolvency proceedings in a Swiss court according to reports in Euractiv.

Germany has paused the pipeline in reaction to the war Russia is waging on it neighbour and has made a number of sanctions against Putin’s regime. Cancelling the gas pipeline is a huge blow to Russia who were looking to supply Germany directly from a pipe all the way under the Baltic bypassing Poland. It is also a big blow to Germany who is now scrambling to find new sources of energy including retaining nuclear power.

British back Royal Dutch Shell based in London who have a 10% stake in Nord Stream 2 AG have pulled out as the pipeline is a white elephant.

On 28 February 2022 reported Parliament’s researchers said the Board of Shell plc announced that it will “exit” its joint ventures with Gazprom and any related entities, including the NS2 project. Shell’s CEO, Ben van Beurden, has said: “Our decision to exit is one we take with conviction. We cannot – and we will not – stand by.”

The collapse of the energy firm follows the fire sale by London based Russian billionaire Roman Abramovich of his assets that include Chelsea FC, super yachts and luxury properties ahead of expected sanctions against him.

If the Chelsea owner thinks he’s got problems and is losing millions every day as the value of his assets plummet, then a further 27 firms with links to Russia have been suspended by the London Stock Exchange. In line with government plans to impose sanctions on all things Russian.  Gazprom and the country’s largest lender, Sberbank are to be hit. Others include Lukoil, Norilsk Nickel, Polyus, and Rosneft. There are dozens more firms with links to Putin which will mean if they are sanctioned their suppliers will be in danger of not being paid and their staff could soon be out of work.

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