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

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.