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Zurich Insurance obviously no longer wants to insure Nord Stream 2

Zurich's decision follows the exit of the Norwegian certifier DNV GL and the Danish engineering firm Ramboll in recent weeks.

 Zurich Insurance obviously no longer wants to insure Nord Stream 2

Moscow, January 18 - Neftegaz.RU. Swiss Zurich Insurance Group AG has decided to stop providing insurance services for the construction of the Nord Stream-2 main gas pipeline project due to the recent tightening of US sanctions.

A Zurich spokesperson declined to comment on customer relationships to protect confidentiality.
The firm has a comprehensive compliance framework in place and is committed to fully comply with any applicable sanctions regulations.

Zurich Insurance Group, which has a big US business, is one of the 20 insurers involved in the Nord Stream 2 project.
According to Nord Stream 2 AG, the consortium reportedly has yet to lay more than 100 km of pipeline with capacity of 55B cm/year, although more than 90% of the project has been completed: a total of 28 km are still missing in German waters and 120 km in the Danish part.

The $11 billion pipeline, one of Russia’s most important projects in Europe, has sparked tensions between US authorities and Russia authorities.

The Trump administration opposes Nord Stream 2, which would deprive Ukraine of lucrative transit fees, saying it would increase Russia’s political leverage over Europe.
The administration has also pushed exports of US LNG to Europe, a fuel that competes with pipelined gas from Russia.
An alternative insurer has already been found.
On January 13, 2021, when it became known about the possible refusal of Zurich Insurance, the Bank of Russia issued a license to the insurance company Constanta.

The speed of issuing a license is atypical for the Russian market, because the package of license documents is quite large and it takes up to several weeks to study it.
This situation may be due to the fact that the Constant was created by prior agreement with the Central Bank.

To read the article in Russian.

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