The German reinsurance company Munich Re Syndicate has decided to stop servicing the Nord Stream 2 project, TASS reports with reference to a representative of the parent company Munich Re.
“We can confirm that the contractual relationship between Nord Stream 2 and our subsidiary Munich Re Syndicate Ltd has been completed,” the source said. However, he refused to clarify the reason for such a decision and did not share any details.
According to Reuters, the refusal was triggered by the threat of US sanctions.
On February 23, the State Department assessed the effectiveness of the US sanctions against Nord Stream 2. According to the spokesman of the Foreign Office Ned Price, the new US administration believes that the current strategy is working well and the measures taken against the project are working.
Nord Stream 2 is a gas pipeline from Russia to Germany, laid along the bottom of the Baltic Sea. It was supposed to be put into operation at the end of 2019, but the completion of construction had to be postponed due to US sanctions. Construction is being hindered in Washington as American liquefied natural gas (LNG) competes with Russian pipeline fuel for the European market.
Currently, Nord Stream 2 is 95 percent complete.
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