Switzerland approves settlement agreement for Nord Stream 2 operator

The court of the Swiss canton of Zug has approved a settlement agreement between the operator of the Nord Stream 2 gas pipeline, Nord Stream 2 AG, and its creditors, the court's press service reported.

"The decision on the settlement agreement can be appealed on appeal in accordance with the Code of Civil Procedure," the message says. "Since the decision of May 9, 2025 has not yet entered into force, the Zug Cantonal Court does not provide any additional information on the procedure for the moratorium on debt restructuring of Nord Stream 2 AG."

According to Alexey Grivach, Deputy head of the National Energy Security Fund, the very fact of concluding an amicable agreement is a step in the right direction to restore the operation of the gas pipeline in the foreseeable future and confirm that the parties concerned have an understanding on how to achieve this.

It should be recalled that last year Gazprom terminated contracts with European energy giants, with which it had been building relations for many years. Since Gazprom cut off gas supplies to the EU via Nord Stream due to the disruption of the latter two years ago, Germany's Uniper and Austria's OMV filed a lawsuit in 2023. The German company managed to sue the Russian monopoly for €13 billion, the Austrian company for €230 million. In addition, Gazprom continues to sue other European companies, such as Italy's Eni and Germany's RWE.

"The Russian side does not recognize these claims, as they were submitted without proper arbitration with representation of the interests of all parties," Alexey Grivach notes.

According to Alexander Frolov, Deputy Director General of the National Energy Institute, at the moment the volume of legal claims against Gazprom is at least €15 billion.

"It is necessary to settle all legal claims. And to issue a permit for the operation of Nord Stream 2," the expert called possible conditions for the restoration of Russian gas exports to Europe.

Valery Andrianov, associate professor at the Financial University under the Government of the Russian Federation, also considers the restoration of the Nord Stream the most optimal option for everyone.

Fuel bug: The EU may reconsider its position of rejecting gas from the Russian Federation

The European Commission has already postponed the publication of the roadmap for the final cessation of supplies from Russia.

In March 2022, Nord Stream 2 AG began bankruptcy proceedings due to US sanctions and the refusal to certify the Nord Stream 2 gas pipeline. Transliq AG was appointed as the Administrative Manager. The Swiss court granted the operator a temporary moratorium on payments to creditors, which was repeatedly extended. On January 10, 2023, the final moratorium came into force, with a maximum period of 24 months. After its expiration, the debt must be restructured or the asset liquidated. On January 9, 2025, the court "as an exception" extended this period until May 9.

Nord Stream and Nord Stream 2 run from Russia to Germany along the bottom of the Baltic Sea. In September 2022, three of the four strands of the gas pipelines were damaged by explosions. At that time, the Nord Stream pumping was stopped for repair work, and Nord Stream 2 was not put into operation due to the suspension of certification by Germany.