Nord Stream 2 has become open to investors and restoration

The threat of bankruptcy of Nord Stream 2 has passed. The decision of the court of the Swiss city of Zug to approve the agreement on the settlement of the debt of the operator Nord Stream 2 AG has entered into force.

"On May 9, 2025, the Cantonal Court of Zuga, Switzerland, for the purpose of financial recovery, approved an agreement on the settlement of the debt of the Nord Stream 2 AG organization. The court's decision was not appealed within the time limit set by Swiss law, and therefore the agreement entered into force, and the moratorium on the bankruptcy of Nord Stream 2 AG was terminated," Gazprom said in its IFRS financial report for the first quarter.

Back in May 2022, the Swiss court imposed a temporary moratorium on the bankruptcy of the Nord Stream 2 operator and it was extended several times. The last moratorium, adopted in January 2025, assumed that the operator would pay off numerous small creditors. According to ZentralPlus, this happened in the last days before the court session in Switzerland. According to the publication, the company is experiencing problems with two bank accounts and payments due to sanctions, but payments were made. Now we have also agreed with major creditors, which are the failed participants in the project — Austrian OMV, German Wintershell and Uniper, French ENGIE and Dutch-British Shell.

According to ZentralPlus, the obligations to them may now amount to more than one billion francs. Earlier, the companies provided a loan to Nord Stream — 2 for construction in the amount of up to 4.75 billion euros.

Earlier, a representative of Transliq AG, who acted as the interim manager of Nord Stream 2, stated that the gas company was planning a scenario according to which the pipeline would start operating in 2030 and would last for 50 years.

"In this scenario, it is assumed that the geopolitical situation will be defused, at the same time, there is a high demand for energy in Western Europe. Accordingly, there is also a need for inexpensive sources of procurement and a gas pipeline," a representative of Transliq AG told the judge. According to him, the cost of restoring one line of the gas pipeline will amount to 633 million euros, while the second one has been preserved.

It is known that in January, the Danish Energy Agency allowed the operator of Nord Stream 2, Nord Stream 2 AG, to preserve the pipeline line affected by sabotage by putting plugs. At the same time, the Danish regulator was required to provide further plans for the use of the second Baltic gas pipeline from Russia to Germany. And with The Danish Ministry of Defense — to coordinate the vessels for the work.

Later, reports appeared in the Western press that the United States and Russia is negotiating the project and American companies may become investors in the pipeline.

"Today, they discuss the issue of acquisition of American investors in the shares of Nord stream, which connects Russia and Germany, or in the pipeline passing through Ukraine, or in the "Gazprom". According to sources, American firms that buy gas from Gazprom and supply it to Europe, including Germany, could also act as buyers. Two sources reported that diplomatic talks involving potential American investors also considered the idea of an American buyer taking Russian gas and then exporting it to Europe as a way to weaken European political opposition to the resumption of supplies," Reuters wrote.

There have been no gas supplies via Nord Stream 2 itself yet. Construction was completed at the end of 2021, and in 2022, after the start of SMO, the German government suspended the certification procedure for the project operator — the last stage before launch.