Germany temporarily suspended the certification process for Nord Stream 2, Gazprom shares fall

Germany has temporarily suspended the certification process for the Nord Stream 2 gas pipeline. About it reported German regulator.

“The Federal Grid Agency has come to the conclusion that certification of the Nord Stream 2 operator is possible only if the operator brings its legal form in accordance with German law,” the statement says.

The authorities’ claims are based on the fact that Nord Stream 2 AG decided not to transform the existing company, but to create a subsidiary only for the German part of the line. This subsidiary is to become the owner and operator of the German section of the gas pipeline.

“The certification process will be suspended until the transfer of the main assets of the subsidiary is completed and the Federal Grid Agency is unable to verify the documents submitted by the subsidiary,” the department said.

Against the background of the announcement of the suspension of the certification procedure for Nord Stream 2, shares of Gazprom fell. The cost of securities on the Moscow Stock Exchange is declining by almost 2%.