EXCLUSIVE-Baker Hughes, AXA Group, 16 others stopped work on Nord Stream 2 pipeline -U.S.

Baker Hughes and AXA Group and 16 other companies recently wound down work on Russia's Nord Stream 2 natural gas pipeline and would not be sanctioned, according to a document the Biden administration sent to Congress last week which was seen by Reuters. Russian energy company Gazprom and its western partners are racing to build the pipeline to take Russian gas to Germany under the Baltic Sea, and hope to finish it this year.

Baker Hughes and AXA Group and 16 other companies recently wound down work on Russia's Nord Stream 2 natural gas pipeline and would not be sanctioned, according to a document the Biden administration sent to Congress last week which was seen by Reuters.

Russian energy company Gazprom and its western partners are racing to build the pipeline to take Russian gas to Germany under the Baltic Sea, and hope to finish it this year. President Joe Biden believes the pipeline is a "bad deal" for Europe. Many U.S. lawmakers and officials say the pipeline would increase Russia's political and economic leverage over Europe because it would bypass Ukraine and other countries depriving them of lucrative transit fees.

The United States also would like to export liquefied natural gas to Europe as an alternative to Russian gas. A few of the companies, including DNV GL, Zurich Insurance and Munich Re already said they dropped out after U.S. pressure. Here is the full list of companies according to the document:

AEGIS Managing Agency Ltd Arch Insurance Ltd

Aspen Managing Agency Ltd AXA Group

Baker Hughes Beazley Furlonge Ltd

Bilfinger Canopius Managing Agents Ltd

Chaucer Syndicates Ltd Chubb Underwriting Agencies Ltd

DNV GL Hiscox Syndicates Ltd

Markel Syndicate Management Ltd MS Amlin Underwriting Ltd

Munich Re Syndicate Ltd Tokio Marine Kiln Syndicates Ltd

Travelers Syndicate Management Ltd Zurich Insurance Group