A subsidiary of the German company Munich Re will no longer insure the Nord Stream 2 gas pipeline against the backdrop of the threat of US sanctions. The State Department said that US actions regarding the gas pipeline project will not come as a surprise to Washington’s European partners.
“Munich Re Syndicate has issued a notice to end its participation in Nord Stream 2,” a company spokesman said in an e-mail statement, citing the subsidiary (quoted by Reuters). The company declined to provide details.
Earlier, the Zurich insurance company stopped providing insurance services for the Nord Stream 2 gas pipeline. Sources said the company is wary of falling under US sanctions.
Nord Stream 2 declined to comment on Munich Re’s decision, but said European governments and the European Commission should protect European companies from sanctions, which “they described as contrary to international law and interference with energy sovereignty.” The pipeline is built at more than 90%, Russian “Gazprom” together with Western partners hope to complete the project this year.
The construction of Nord Stream 2 is now underway in the territorial waters of Denmark. Then it should continue in the waters of the Federal Republic of Germany. The project operator submitted a request to the German regulator for permission to carry out the work.