In light of the decision of the insurers, the “revival” of the gas pipeline after the alleged sabotage is not excluded.
German insurers Allianz and Munich Re are continuing coverage of the damaged gas pipeline Nord Stream-1controlled by Russia. Reuters reported this on April 4, citing five sources.
It was noted that this information indicates a possible “revival” of the project after the alleged sabotage.
“Insurance by the two largest German companies is critical to any long-term future of the pipeline, which was the main route for Russian gas to Europe for a decade before the September explosion,” the article said.
As you know, Russia owns 51% of the shares Nord Stream-1 through a subsidiary Gazprom. The insurance is at odds with Berlin’s public stance on cutting ties with Moscow, with one in five agency sources saying the FRN government has no objection to renewing it.
Munich Re, Allianz and the German Government Chancellery declined to comment, while the Economy Ministry said the insurance was not part of the government’s previous support for the pipeline.
Some German shareholders Nord Stream is at least in favor of maintaining the damaged gas pipeline if relations with the Kremlin improve, two people familiar with the matter said separately.
The insurance policy covers pipeline damage and business shutdowns, one of the sources said.
In addition, having insurance will also facilitate any repairs needed to restart gas supplies across the Baltic Sea to Europe.
Reuters recalled that imports of Russian crude oil and petroleum products are prohibited by European Union sanctions, but this does not apply to Russian gas supplies. At the same time, the West is trying to find an alternative to it.
Most Western investors have removed their shares in the pipeline.
The operator was previously reported Nord Stream Nord Stream AG is busy closing and draining the damaged pipelines.
Russia decides to mothball damaged Nord Streams – media
news Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.