GENEVA, January 19. /TASS/. The Swiss-based Zurich Insurance Group has halted provision of services falling under the US sanctions in connection with the Nord Stream 2 gas pipeline construction project, official spokesperson of the company Thomas Baer told TASS on Tuesday.
"Zurich places the highest priority on compliance with economic sanctions, including US law. We have been in close coordination with the U.S. Department of State to discuss the sanctions on the Nord Stream 2 pipeline and we have terminated all of our insurance coverages that were sanctionable under the National Defense Authorization Act for 2021, passed into law in January," the spokesperson said.
"Zurich does not believe it faces any sanctions exposure from the U.S. government or any other regulator with respect to the Nord Stream 2 pipeline. Zurich will continue to work closely with the State Department and all other regulators worldwide to ensure that all of our activities are compliant with applicable laws and regulations," Baer added.
The Nord Stream 2 project contemplates the construction of two pipeline strings with a total capacity of 55 bln cubic meters per year from the coast of Russia through the Baltic Sea to Germany. To date, 94% of Nord Stream 2 has been finished.