U.S. warns European companies they face sanctions risk on Nord Stream 2 pipeline

U.S. warns European companies they face sanctions risk on Nord Stream 2 pipeline

The U.S. State Department this month told European companies which it suspects are helping to build the Nord Stream 2 gas pipeline that they face the risk of sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources said.

"We are trying to inform companies of the risk and urge them to pull out before it’s too late," a U.S. government source said on condition of anonymity.

The U.S. source said the State Department is expected to issue a report by Thursday or Friday on companies it believes are helping the Russia-to-Germany pipeline. Companies that could be in the report include ones providing insurance, helping to lay the undersea pipeline, or verify the project’s construction equipment, the source said.

The companies could be at risk of U.S. sanctions under existing law if they do not stop work, Reuters reported.

Zurich Insurance Group could be listed in the report, the source said.

Gazprom halted Nord Stream 2 construction for a year after U.S. sanctions in December 2019. But work has resumed as Gazprom hopes to complete the Nord Stream 2 pipeline under the Baltic Sea to double the existing line’s capacity. The project is 90% completed with only a 100-km stretch in deep waters off Denmark left to complete.

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