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Baker Hughes, Ax, 16 others left the Nord Stream 2 pipeline



(Reuters) – Baker Hughes Co. and Axa Group and 16 other companies recently wound up work on Russia's Nord Stream 2 natural gas pipeline and will not be sanctioned, according to a document sent to Congress by the Biden administration last week, which was seen by Reuters.

The Russian energy company Gazprom and its Western partners are competing to build the pipeline to take Russian gas to Germany under the Baltic Sea and hope to complete it this year. President Joe Biden considers the pipeline a "bad deal" for Europe.

Many US lawmakers and officials say the pipeline would increase Russia's political and economic leverage over Europe. The $ 11 billion pipeline, which would double the capacity of its existing canal, would bypass Ukraine through which Russia has been sending gas to Europe for decades. It could deprive Ukraine of lucrative transit charges and potentially undermine its fight against Russian aggression.

The United States, the world's leading gas producer, would also like to export liquefied natural gas to Europe as an alternative to Russian gas.

Some of the companies, including the Norwegian verification company DNV GL, and the insurance companies Zurich Insurance and Munich Re, had already said that they were losing out under US pressure. 2 gas pipeline, on concerns over threatening US sanctions.

The US State Department told Congress on Friday that it had designated the Russian ship Fortuna and its owner, KVT-RUS, to help build Nord Stream 2 under the enactment of the Sanctions Act. this year. But the two had already been sanctioned by the Trump administration under previous law, and opponents of the project in Congress said that sanctioning them again would not stop the pipeline. lay pipelines or related activities since January 1

, when the latest US sanctions became law, including the Russian-flagged ships, Ivan Sidorenko and Murman.

State Department spokesman Ned Price told reporters this week that companies ended sanctions threatening "shows that legislative goals and our actions have a good effect."

He said the State Department continues to "investigate entities involved in potentially sanctionable activities." Mr. Price has also said "sanctions are just one" of many tools in response to NordStream 2.

The complete list of companies according to the document includes AEGIS Managing Agency Ltd., Arch Insurance Ltd., Aspen Managing Agency Ltd. , Axa Group, Baker Hughes, Beazley Furlonge Ltd., Bilfinger, Canopius Managing Agents Ltd., Chaucer Syndicates Ltd., Chubb Underwriting Agencies Ltd., DNV GL, Hiscox Syndicates Ltd., Markel Syndicate Management Ltd., MS Amlin Underwriting Ltd. , Munich Re Syndicate Ltd., Tokyo Marine Kiln Syndicates Ltd., Travelers Syndicate Management Ltd. and Zurich Insurance Group.

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