The largest Swiss insurance company left the Nord Stream 2 project

The largest Swiss insurance company Zurich Insurance Group AG left the Nord Stream 2 project as the company does not want to be subjected to the new US sanctions, Ekonomichna Pravda reports.

It is noted that the insurance company left the Russian project after the US warnings, following two other European companies – the Norwegian certifier DNV GL and the Danish consultant Ramboll.

According to Bloomberg, Zurich Insurance made such a decision due to the threat of being subject to the US sanctions. New US sanctions target those who provide the pipeline with technical certification and insurance. The sanctions took effect after the adoption of the US defense budget for 2021.

To recap, Donald Trump administration is preparing the latest package of sanctions against the Nord Stream 2 gas pipeline. The US State Department has informed European companies involved in the pipeline's construction of the risk of new sanctions.

Tags: gas, contracts, Nord Stream 2, USA, sanctions, foreign affairs, pipeline, gas supplies, Europe

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