Nord Stream 2: Will Trump Revive This Controversial Pipeline?
Nord Stream 2, the $9.5 billion pipeline, may return from the dead — with Trump, U.S. investors, and global power struggles shaping its uncertain future. Is Europe’s energy fate up for grabs?
At the bottom of the Baltic Sea lies a pipeline once hailed as Europe’s energy lifeline — Nord Stream 2. It promised Germany reliable and affordable natural gas directly from Russia, bypassing transit countries and ensuring stable supply for decades. Instead, it became a geopolitical flashpoint, a victim of sabotage, and ultimately a symbol of Europe’s energy vulnerability. But now, with Trump in the White House, whispers of Nord Stream 2’s revival are growing louder, leaving global observers wondering: Is this pipeline truly dead, or is it merely in hibernation, waiting for its moment to resurface?
A Pipeline Born from Promise and Controversy
To understand Nord Stream 2’s turbulent fate, we need to go back to its origins. The project dates back to the late 1990s when Russian energy giant Gazprom and Western partners envisioned a direct pipeline connecting Russian gas fields to European markets. The first Nord Stream pipeline was inaugurated in 2011 by then-President Dmitry Medvedev and German Chancellor Angela Merkel, running 1,200 kilometers under the Baltic Sea.
It didn’t take long for this vital infrastructure to become a lightning rod for criticism. While Germany viewed it as an economic boon, the United States and Eastern European nations saw it as a dangerous tool of Kremlin influence. Critics warned that the pipeline would entrench Europe’s dependence on Russian gas, giving Moscow disproportionate leverage over European economies. Despite such warnings, construction of Nord Stream 2 began in 2018, promising to double the route’s capacity to 110 billion cubic meters of gas per year.
From Energy Lifeline to Political Liability
By the time Nord Stream 2 was completed in September 2021, the world had changed. Geopolitical tensions were at a boiling point, and Germany’s new government under Chancellor Olaf Scholz stalled its certification, citing regulatory delays and rising security concerns. The timing could not have been worse: Europe was already grappling with an energy crisis, and pressure mounted to activate the pipeline. Yet, Berlin refused to move forward.
Then came February 2022. Russia launched its invasion of Ukraine, triggering sweeping Western sanctions. The fate of Nord Stream 2 was sealed — or so it seemed. In August 2022, Gazprom shut down Nord Stream 1, citing technical difficulties caused by sanctions. One month later, a series of underwater explosions ripped through both Nord Stream pipelines, rendering them inoperable. Europe bid farewell to the era of cheap Russian gas, and Germany was left scrambling for alternative energy sources.
Who Sabotaged Nord Stream?
The mystery of the Nord Stream explosions remains unsolved. Fingers were pointed in all directions. Investigative journalist
alleged a covert U.S.-Norwegian operation was responsible, while other analysts proposed Ukrainian involvement. Official investigations stalled, leaving more questions than answers. However, the pipeline’s physical destruction was not the final twist in its story.A $9.5 Billion Asset Up for Grabs
Nord Stream 2 wasn’t just a pipeline; it was a monumental investment involving companies from Germany, France, the Netherlands, and Russia. With construction costs reaching €9.5 billion, its collapse left behind legal and financial chaos. Its operating company, Nord Stream 2 AG, declared bankruptcy, yet under Swiss law, the legal proceedings dragged on. In January 2025, a Swiss court extended the moratorium on bankruptcy proceedings, giving the company until May to settle small creditor claims.
While Russia refuses to acknowledge the bankruptcy of Gazprom’s subsidiary, Swiss law governs Nord Stream 2 AG. This legal limbo has made the company a tantalizing asset — a multibillion-dollar pipeline, potentially available for pennies on the dollar.
Enter Trump — And a Surprising U.S. Investor
With Donald Trump’s return to the White House in 2025, rumors of Nord Stream 2’s resurrection have gained traction. Matthäus Warnig, Nord Stream 2’s managing director and a former East German intelligence officer with close ties to Putin, is reportedly lobbying U.S. investors to step in. One name stands out: American investor Stephen Lynch. In early 2024, Lynch secured a license from the U.S. Treasury allowing him to negotiate with sanctioned companies, including Nord Stream 2 AG.
Lynch sees Nord Stream 2 as a unique opportunity for America — a chance to control European energy flows until the twilight of the fossil fuel era. It’s a bold bet, especially considering Trump’s first-term rhetoric lambasting Nord Stream 2 as a gift to the Kremlin. But some in Trump’s inner circle now see the pipeline as a potential bargaining chip — leverage that could help broker a ceasefire in Ukraine or reset relations with Moscow.
Who Wins — And Who Loses?
If Nord Stream 2 were to be revived, the geopolitical ripples would be enormous. The winners could include:
Russia: Nord Stream 2 offers Putin a shortcut back into the European gas market. If U.S. investors control the pipeline, Moscow would still profit — but through a Western middleman.
The United States: Washington would gain unprecedented control over European energy, transforming the pipeline from a Russian weapon into an American one.
However, the losers could be just as significant:
Germany: Berlin faces a political nightmare — stuck between its anti-Russia stance and the economic reality of lost investment and skyrocketing energy prices.
Ukraine: Kyiv fiercely opposes any revival that could restore Moscow’s energy dominance.
European Energy Giants: Companies like Shell and Engie, which already wrote off their Nord Stream 2 investments, face continued financial uncertainty.
Three Scenarios for Nord Stream 2’s Future
At this stage, the pipeline’s fate boils down to three possible scenarios:
A Peace Deal Unlocks the Pipeline: In this case, Nord Stream 2 would help alleviate Europe’s energy crunch, but at the cost of renewed dependence on Russian gas.
U.S. Takeover Transforms the Pipeline into a Geopolitical Tool: America gains strategic control but at the risk of deepening tensions with European allies.
The Pipeline Becomes a Sunken Relic: Political paralysis leaves Nord Stream 2 a rusting monument to failed diplomacy, quietly corroding under the Baltic Sea.
The Pipeline’s Ghost Lingers
Nord Stream 2’s story is far from over. It is not just about energy — it’s about power, money, and global influence. As Europe struggles to recalibrate its energy policy and the U.S. reassesses its global strategy under Trump 2.0, Nord Stream 2 could either become a bargaining chip in a new geopolitical deal or a haunting reminder of shattered ambitions.
What’s your bet? Revival, takeover, or decay?