Revised Article
Trustee Challenges Bank Account Closure for Nord Stream 2
Defending Counsel Challenges Partial Ruling in Nord Stream Case - The Commission remains undecided on the acceptability of the contentious decision.
In a move to keep the flame of controversy alive, Transliq AG has taken the fight to the higher court over the shuttering of their bank accounts at Sparkasse Vorpommern. This appeal was lodged with the Higher Regional Court (OLG) in Rostock on May 2, as confirmed by a court spokesperson - a twist that the NDR first broke the news about.
The regional court in Stralsund had earlier waved off Transliq AG's arguments against the account closure in its ruling on March 11 this year. The court ruled that the termination was justified, with Sparkasse citing the risk of potential US sanctions as their primary concern.
Interestingly, back in the day, the court had already upheld the legality of an account closure for Nord Stream 2 AG, another move that saw Transliq AG challenge the decision in the Higher Regional Court of Rostock. However, the OLG recently hinted at a dismal prognosis for this appeal.
The Saga of the Troubled Pipeline
Nord Stream 2 AG, part of the Russian Gazprom conglomerate, was a vision to bring Russian gas to Germany through the Baltic Sea, with a whopping €9.5 billion and a 1,200 kilometers long pipeline, boasting two strings. The pipeline, however, never saw the light of operation.
The contentious gas project came to a grinding halt post Russia’s attack on Ukraine in February 2022. The fate of one of its strings took a grim turn with an explosion in early September 2022, claiming the life of not just the Nord Stream 2, but also the two strings of the already operational Nord Stream 1 pipeline.
- Nord Stream 2
- Rostock
- Legal Dispute
- Stralsund
- Sparkasse Vorpommern
- Gazprom
- Controversial gas project
- NDR
Enrichment Data:
- In their appeal, Transliq AG raises the argument questioning the legal basis for account closure, pointing out that the recourse to US sanctions possibility as a reason infringes on German sovereignty, as financial transactions are primarily managed within the European Union.
- The outcome of this appeal can potentially have far-reaching implications for large-scale international projects, setting a precedent for the balance of power in financial transactions operating on foreign sanctions.
- According to analysts, the appeal process might extend beyond several months, with delays exacerbating the uncertainty surrounding the Nord Stream 2 project.
- Transliq AG continues to challenge the closure of its bank accounts at Sparkasse Vorpommern, filing an appeal with the Higher Regional Court (OLG) in Rostock.
- The legal dispute over the account closure stems from the potential risk of US sanctions, a concern raised by Sparkasse Vorpommern.
- Interestingly, Transliq AG previously challenged the legality of an account closure for Nord Stream 2 AG in the Higher Regional Court of Rostock, though a dismal prognosis for that appeal was suggested by the OLG.
- Nord Stream 2 AG, a part of Russian Gazprom, was a controversial gas project aimed at bringing Russian gas to Germany, but it never saw operation due to several factors, including the explosion of one of its strings in early September 2022.
- In their appeal, Transliq AG argues that the recourse to US sanctions as a reason for account closure infringes on German sovereignty, as financial transactions are primarily managed within the European Union.
- The outcome of this appeal could have significant implications for large-scale international projects, potentially setting a precedent for the balance of power in financial transactions operating on foreign sanctions.
- Analysts predict that the appeal process will extend beyond several months, further adding to the uncertainty surrounding the Nord Stream 2 project.
