The gas pipeline would transport gas from Russia to Europe via Germany.

- Nord Stream went bankrupt due to last week's US sanctions.

They have informed us that they can not continue their operations, says Silvia Thalmann-Gut, CFO of the Swiss canton of Zug, where the company is based.

More than 100 employees have already been laid off.

Exactly one week ago, German Chancellor Olaf Scholz announced that the gas pipeline, which had already been completed and was just waiting to have its certification approved, would be stopped for the time being.

The decision was made in light of the latest developments in Ukraine, Scholz said at the time.

The Nord Stream 2 gas pipeline, which supplies natural gas from Russia to Germany, has long been criticized by the United States and several European countries, which claim that it is increasing Europe's dependence on Russian energy supplies.