Zurich Insurance Risks US sanctions related to the Nord Stream 2 pipeline: Source

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

The Zurich Insurance Group stressed its compliance standards on Wednesday while declining to comment specifically on the Russia-led Nord Stream 2 gas pipeline project.

The US State Department has warned European companies involved in Nord Stream 2 that they risk sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources told Reuters.

A US source said the State Department should release a report on companies it believes are helping the Russia-Germany pipeline and that Zurich Insurance may be listed in the report.

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“Zurich has a comprehensive compliance framework in place and is committed to fully complying with all applicable sanctions regulations. We do not comment on specific customer relationships, ”the Swiss insurer said in a statement.

(Reporting by Paul Arnold; writing by Michael Shields; editing by Jason Neely)

Photograph: Construction site of part of the Nord Stream 2 gas pipeline in the Czech Republic on August 18, 2020, which is under construction between Russia and the European Union.

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