Zurich Insurance Emphasizes Compliance Standards as U.S. Eyes Nord Stream Sanctions

January 13, 2021

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

The U.S. 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.

One U.S. source said the State Department is expected to issue a report on companies it believes are helping the Russia-to-Germany pipeline and Zurich Insurance could be listed in the report.

“Zurich has a comprehensive compliance framework in place and is committed to fully comply with any 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 the one part of the Nord Stream 2 pipeline in the Czech Republic on Aug. 18, 2020, which is being built from Russia to European Union.


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