American businessman Stephen Lynch, who spent 20 years working in Russia, has announced plans to purchase the Nord Stream 2 gas pipeline if it is auctioned as part of bankruptcy proceedings.
To proceed, Lynch has requested a license from the US Treasury Department to participate in the auction, according to a letter from his lawyers cited by The Wall Street Journal (WSJ).
"This is a unique opportunity for America and Europe to control Europe's energy supply for the remainder of the fossil fuel era," Lynch said in an interview.
He also noted his personal ambition, stating he "wants to be the richest man you've never heard of."
In a letter to the US Treasury, Lynch’s representatives addressed the tight deadlines associated with the bankruptcy process of Nord Stream 2 AG, the pipeline operator. The process allows for debt restructuring or liquidation, though restructuring is considered unlikely.
The maximum loan repayment moratorium is set at 24 months.
Lynch predicts that after the war in Ukraine concludes, Russia and its former European gas buyers, including Germany, may seek to resume using the pipeline, regardless of its ownership.
A prominent donor to former President Donald Trump’s campaign, Lynch lived and conducted business in Russia until 2019. According to WSJ, Lynch built his fortune by acquiring Russian assets at low prices.
In 2007, he was involved in purchasing Yukos assets through Promneftstroy LLC. Although he was later accused of fraud by the company’s managers, a British court dismissed the charges in 2019.
Nord Stream 2 is owned by a Gazprom subsidiary, which declared bankruptcy in Switzerland. One branch of the pipeline was severely damaged in a sabotage attack in September 2022. Russian President Vladimir Putin attributed the sabotage to the "Anglo-Saxons," claiming they had a vested interest in disrupting Europe’s energy infrastructure.
Meanwhile, German media reported that Ukrainian nationals were involved in the attack, with the operation allegedly planned by Valeriy Zaluzhny, then commander-in-chief of Ukraine's Armed Forces.
