German and Swiss companies withdraw from Nord Stream 2 project

German and Swiss companies withdraw from Nord Stream 2 project

German company Bilfinger SE decided to not to participate in the implementation of the Nord Stream 2 project due to the threat of U.S. sanctions, the Bild tabloid reported on Tuesday with reference to the company's letter.

Earlier, according to the newspaper, Bilfinger SE signed several contracts worth 15 mln euro with Nord Stream 2AG, the project’s operator, in particular "for the development, supply and maintenance of security systems", as well as for the supply of a heat generating unit.

Bild reported that Bilfinger SE had already notified the American side that they were not going to fulfill those contracts.

Swiss insurance company Zurich Insurance Group said via email Monday that it "is committed to fully comply with any applicable sanctions regulations."

On Tuesday, US Treasury Department announced introduction of sanctions against the Fortuna vessel, which is involved in the construction of the Nord Stream 2 gas pipeline, and its owner, the KBT-Rus company.

The sanctions were imposed in the framework of the CAATSA (Countering America's Adversaries Through Sanctions Act). Inclusion in the sanctions list means asset freezing in the United States and the ban for US citizens or firms on engaging in business with persons in the list.

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