- Allianz SE (OTC:ALIZY) and Munich Re have renewed insurance coverage for the damaged Russia-controlled Nord Stream 1 gas pipeline, contrasting Germany’s public stance of cutting ties with Moscow.
- Russia has a 51% stake in Nord Stream 1 through a subsidiary of the state-owned energy group Gazprom.
- 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.
- Citing five sources familiar with the matter, Reuters reported that the insurance revival was not ruled out after an alleged sabotage attack.
- The German government had not opposed the cover. Most Western investors have written off their stakes in the pipeline.
- Some of Nord Stream’s German shareholders favor at least preserving the damaged pipeline in case relations with Moscow improve, the report added.
- Before Russia invaded Ukraine last February, Nord Stream 1 was insured by multiple European underwriters, including some from the Lloyd’s of London market, sources told Reuters.
- Photo via Wikimedia Commons
What’s Going On With Rivian (RIVN) Stock
Rivian Automotive Inc (NASDAQ: RIVN) shares are trading lower by 5.98% to $13.01 Friday afternoon.
