Insurance firm drops Nord Stream 2

US sanctions prompt Swiss firm Zurich Insurance Group to abandon its work in the gas pipeline project.

Photo: Hannibal Hanschke/Reuters/Ritzau Scanpix

Project company Nord Stream 2 AG will have to find another company to insure gas pipeline Nord Stream 2, as Zurich Insurance Group has declined to handle the job in the face of US sanctions threatening to hit the company, reports Euractiv.

With a new range of sanctions, the US intends to impact European companies working on the establishment of the gas pipeline between Russia and Germany. The US argues that Germany is about to make itself too dependent on Russian gas, and that Russia could use the pipeline to pressure its neighbor countries. Moreover, the US has its own major interest in exporting liquefied natural gas, LNG, to Europe.

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