German foundation ends its involvement in the Nord Stream 2 project

• The German state foundation that was created to assist Russia’s Gazprom in finishing the Nord Stream 2 gas pipeline wants to abandon the endeavour.
• According to the article, the foundation “wants to pay 12 million euros ($12.10 million) to repay its obligations to the company’s subsidiary Nord Stream 2 AG.”The foundation had not yet specified whether sanctions laws would prevent it from transferring the funds.
• The foundation was established in 2021 with a donation of 20 million euros from Nord Stream 2 AG and 200,000 euros from the state of Mecklenburg-Vorpommern.

The German state foundation that was created to assist Russia’s Gazprom in finishing the Nord Stream 2 gas pipeline wants to abandon the endeavour.

According to the article, the foundation “wants to pay 12 million euros ($12.10 million) to repay its obligations to the company’s subsidiary Nord Stream 2 AG.”

The foundation had not yet specified whether sanctions laws would prevent it from transferring the funds. The foundation was established in 2021 with a donation of 20 million euros from Nord Stream 2 AG and 200,000 euros from the state of Mecklenburg-Vorpommern. It also had a commercial arm to purchase and own the project’s necessary assets.

The foundation’s executive director, Erwin Sellering, stated that after paying 12 million euros in liabilities to the Swiss company Nord Stream 2 AG, which built the pipeline beneath the Baltic Sea last year, his organisation wants to break all connections to Nord Stream 2.

The earnings from the sale of equipment, materials, and other items that Nord Stream 2 originally funded account for about 10 million euros of the entire sum. In addition, the foundation will return the corporation with the 2 million euros it received in advance payments.