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Business & Finance

Munich Re stops insuring Nord Stream 2 amid sanctions threat

  • The US has been threatening sanctions against European companies that support construction of the $11 billion gas pipeline, and Zurich Insurance Group dropped out last month.
  • Munich Re Syndicate has issued the notice of termination to Nord Stream 2," a spokesman said in an emailed statement on Tuesday, referring to the company's subsidiary.
23 Feb 2021

FRANKFURT: A subsidiary of Germany's Munich Re will no longer insure the Nord Stream 2 pipeline from Russia to Europe amid the fear of sanctions by the US government.

The US has been threatening sanctions against European companies that support construction of the $11 billion gas pipeline, and Zurich Insurance Group dropped out last month.

"Munich Re Syndicate has issued the notice of termination to Nord Stream 2," a spokesman said in an emailed statement on Tuesday, referring to the company's subsidiary.

Munich Re declined to provide further details.

The pipeline is more than 90% complete and Russia's state energy company, Gazprom, and its Western partners are hoping to finish it this year. Much of the remaining work is difficult and in deep waters off Denmark.

Nord Stream 2 didn't immediately respond to an email seeking comment.