A simmering threat of sanctions against the operator of the $11 billion Nord Stream 2 pipeline risks shutting off cover from European insurers for the politically-sensitive project to bring Russian gas directly to Germany
A spokesperson for Nord Stream 2's Swiss-based operating company said "all construction, operation and other activities of our company are covered by appropriate insurances". The company did not comment on its contractual partners.In the absence of European insurers, the project could use Russian entities, lawyers say. One Russian insurer Konstanta - now renamed RNCB Insurance - has already been sanctioned.
Zurich said it did not comment on potential or existing customer relationships but stressed that it placed high priority on sanctions compliance. AXA declined to comment. But the delayed approval will likely slow arrangements, said Ross Denton, head of international trade at law firm Ashurst.
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