Zurich Insurance to drop out of Nord Stream 2

Zurich Insurance Group will drop out of Russia’s Nord Stream 2 project in the face of looming U.S. sanctions against European companies that support construction of the gas pipeline, according to sources. The U.S. State Department this month told companies which it suspects are helping to build the pipeline that they face a risk of sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project. The Swiss insurer did not comment on specific customers, but said: “Zurich has a comprehensive compliance framework in place and is committed to fully comply with any applicable sanctions regulations.”