Nord Stream: A Pipeline Company in Zug — conclusion

Conclusion of Chapter II

Nord Stream AG was established in Zug in 2005 as a joint venture of Gazprom and European energy companies. Its pipeline through the Baltic Sea began operating in 2011 and 2012. Nord Stream 2 AG, which followed in 2015 wholly owned by Gazprom, completed its pipeline in 2021 despite American sanctions but never obtained a German certificate. After the Russian invasion of Ukraine, the company lost its business and its employees and entered composition proceedings before the Zug court, which confirmed its composition agreement with the creditors in May 2025. The sabotage of September 2022 destroyed most of the lines of both pipelines. Nord Stream tied the canton of Zug to European energy politics and to the consequences of its failure. The next chapter examines the sanctions that followed the invasion and their effects on the canton.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

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