Zurich Insurance stresses compliance, declines comment on Nord Stream 2

The U.S. State Department has warned European companies involved in Nord Stream 2 that they risk sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources told Reuters. One U.S. source said the State Department is expected to issue a report on companies it believes are helping the Russia-to-Germany pipeline and Zurich Insurance could be listed in the report.

Zurich Insurance Group emphasised its compliance standards on Wednesday while declining to comment specifically on the Russia-led Nord Stream 2 gas pipeline project. The U.S. State Department has warned European companies involved in Nord Stream 2 that they risk sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources told Reuters.

One U.S. source said the State Department is expected to issue a report on companies it believes are helping the Russia-to-Germany pipeline and Zurich Insurance could be listed in the report. "Zurich has a comprehensive compliance framework in place and is committed to fully comply with any applicable sanctions regulations. We do not comment on specific customer relationships," the Swiss insurer said in a statement.