One of the companies operating the Nord Stream 2 gas pipeline Nord Stream 2 AG, based in Switzerland, plans to file for the initiation of bankruptcy proceedings in the near future, German newspaper Stuttgarter Zeitung reported on Thursday.

“Pipeline company Nord Stream 2 is on the verge of bankruptcy due to the war in Ukraine and sanctions imposed by the West. In the next few days (the company) will file an application to initiate bankruptcy proceedings at the competent court in Zug, Switzerland,” the newspaper wrote, citing CEO Matthias Warnig.

According to the newspaper, the said application will also be accompanied by a request for a “temporary moratorium” on operations. Earlier, the company has already terminated contracts with the staff.

On February 22, German Chancellor Olaf Scholz said that he had instructed the Ministry of Economy to withdraw from the regulator, the Federal Network Agency, the report already issued for the Nord Stream 2 pipeline, thus suspending the process of its certification.