Updated: Despite Tensions, German Insurers Reportedly Renew Insurance Cover For Russia-Owned Nord Stream Pipeline

  • Allianz SE ALIZY and Munich Re have reportedly renewed insurance coverage for the damaged Russia-controlled Nord Stream 1 gas pipeline.
  • Munich Re and Allianz declined to comment.
  • Russia has a 51% stake in Nord Stream 1 through a subsidiary of the state-owned Gazprom.
  • Citing five sources familiar with the matter, Reuters reported that the insurance revival was not ruled out after an alleged sabotage attack.
  • The insurance industry and trade sources declined to be named because of the issue's sensitivity.
  • The insurance policy covers damage to the pipeline and business interruption issues, one of the sources said.
  • Russia's foreign ministry has reportedly accused European countries of trying to hide the results of their investigations of the Nord Stream gas pipeline blasts that happened in September last year.
  • Swedish and other European investigators say the attacks were carried out intentionally without mentioning who was responsible. Russia has blamed the explosions on Western sabotage without providing any evidence.
  • Some of Nord Stream's German shareholders favor at least preserving the damaged pipeline in case relations with Moscow improve, the Reuters report added.
  • Editor's Note: The story has been updated to reflect that the mentioned companies haven't confirmed the insurance renewal.
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