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(Reuters) — A subsidiary of Germany's Munich Re will no longer insure the Nord Stream 2 pipeline from Russia to Europe amid the fear of sanctions by the U.S. government.
The U.S. has been threatening sanctions against European companies that support the construction of the $11 billion gas pipeline, and Zurich Insurance Group dropped out last month.
“Munich Re Syndicate has issued the notice of termination to Nord Stream 2,” a spokesman said in an emailed statement on Tuesday, referring to the company’s subsidiary.
Munich Re declined to provide further details.
The pipeline is more than 90% complete, and Russia's state energy company, Gazprom, and its Western partners are hoping to finish it this year. Much of the remaining work is difficult and in deep waters off Denmark.
Nord Stream 2 declined to comment on Munich Re's decision but said it was up to European governments and the European Commission to protect European companies from sanctions that “they have described as contrary to international law and an interference in energy policy sovereignty.”
German insurer Talanx AG has pulled out of Canada's Trans Mountain pipeline project, while Munich Reinsurance Co. and Zurich Insurance Group Ltd.'s are considering doing the same after they unveiled a new policy limiting oilsands underwriting, World Pipelines reports. The statements from Talanx, Munich Re and Zurich Insurance will put pressure on other insurers like Lloyd's and Chubb Ltd. backing the project.