Switzerland says Nord Stream 2 AG must file for bankruptcy

The operator of Nord Stream 2, Nord Stream 2 AG, has laid off 106 employees and must file for bankruptcy, the Swiss television channel SRF reported, citing Sylvia Thalmann-Gut, head of the economic affairs department of the canton of Zug.

“Today we were informed that the company cannot continue to work. So it's not a mass layoff, but the company had to deposit the balance sheet (file for bankruptcy). Employees received a notice of dismissal,” Thalmann-Gut said.

She explained that the company became insolvent due to US sanctions, and did not rule out that other companies operating in Switzerland could also suffer due to restrictive measures.

Thalmann-Guth also said that the demise of such a "powerful" company would have an impact on tax revenues.