(Reuters) – A subsidiary of Germany's Munich Re will no longer insure the Nord Stream 2 pipeline from Russia to Europe for fear of US government sanctions.
The United States has threatened sanctions against European companies that support the construction of the $ 11 billion gas pipeline, and Zurich Insurance Group lost last month.
"Munich Re Syndicate has notified Nord Stream 2 of termination," a spokesman said in an email on Tuesday, referring to the company's subsidiary.
Munich Re refused to provide further details.
The pipeline is more than 90% complete, and Russia's state energy company, Gazprom, and its Western partners hope to complete it this year. Much of the remaining work is difficult and in deep waters outside Denmark.
Nord Stream 2 declined to comment on Munich Re's decision, saying it was up to European governments and the European Commission to protect European companies from sanctions that "they have described as violating international law and interfering in energy policy sovereignty." Catalog