New doubts over Nord Stream 2

The future of the $9bn  Russian-German Nord Stream 2 gas pipeline was put in jeopardy this week after 18 companies pulled out of the project at the prospect of American sanctions. According to a US State Department report the exodus is being led by  Zurich, Axa and Munich Re. The withdrawal  of so many leading insurance companies may make it impossible for the project’s principal financiers – Gazprom, Engie, Uniper, OMV, Shell and Wintershall  – to obtain the necessary underwriting.

A broad alliance of western nations including the US, Britain, France and Poland are opposed to the Nord Stream 2 project, who are already concerned about Europe’s dependence on Russian gas for its energy supplies.

Source: thetimes