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Anpilogov explained Zurich Insurance's refusal to insure Nord Stream 2

The fate of Nord Stream 2 will not change after the departure of the Swiss insurance company Zurich Insurance Group, I told ABF "Economics today» President of the Foundation for Historical Research "Foundation" Alex Anpilogov.

Anpilogov explained Zurich Insurance's refusal to insure Nord Stream 2

Insurance company Zurich Insurance Group from Switzerland, which is one of the insurers of the construction of the main gas pipeline from the Russian Federation to Germany through the Baltic Sea, intends to refuse to participate in the Nord Stream 2 project, citing increasing risks due to United States sanctions.

As reported with reference to sources Bloomberg and Reuters, Washington threatens Zurich Insurance Group with influence on big business, thriving in the United States.

Expert Alexey Anpilogov, commenting on Zurich's decision, focused on third party damage insurance, which is usually of concern to all environmental organizations, regulatory and state bodies. Its importance increased after the disaster, happened in the spring 1989 of the year. Exxon Valdez is the culprit, heading from the oil terminal at Valdez, Alaska, to Prince William's Strait. At the end of the journey, the ship ran aground and caught on an iceberg, pierced hull.

Anpilogov explained Zurich Insurance's refusal to insure Nord Stream 2

As a result of the accident, about 260 thousand barrels of crude oil, however, the efforts made by Exxon and Alyeska Pipeline Company were insufficient to prevent the tragedy. Organizations were unable to quickly eliminate the consequences of the leak and the storm carried the oil spills far. More 1600 kilometers of coastlines covered with oil slick. Alaska coasts remain polluted to this day.

“The Exxon Valdez disaster demonstrates, that the amount of damage in relation to third parties can be tens or hundreds of times higher than the value of the vessel or cargo. Therefore, over the past forty years, a pool of insurers has been formed, comparable to a closed club. Thanks to the super-profitability of the business, they managed to accumulate huge insurance premiums, which can cover any risks ", – the expert.

Anpilogov explained Zurich Insurance's refusal to insure Nord Stream 2

Insurer requirements, eg, to the governments of Denmark or Germany, not disclosed. But Alexey Anpilogov suggested, that we are talking about the insurance of risks of some Western companies, able to fully or partially cover the risks.

“They can keep some part on themselves, but if something happens, then the companies will be liable with movable and immovable property. There are various insurance instruments, allowing to get away from the requirement of risk reinsurance to third parties in the mentioned conditional club of elite insurers, which the United States is trying to sanction off from Nord Stream 2.

The Swiss company Allseas also succumbed to influence., being one of the main contractors. She refused to continue construction of the gas pipeline, putting Gazprom before a choice ", – said the expert.

The future of Nord Stream 2 is predetermined

December 2019 new sanctions by the United States of America. All companies threatened with restrictions from Washington, who will continue to cooperate with the Russian Gazprom. Participants risked losing their US assets.

Afraid of the pressure of some senators, sent a threatening letter to Allseas, the Swiss leadership reaffirmed its commitment to the US position on Nord Stream 2 and left the game awaiting further clarification from the US authorities. Allseas' decision caused a lot of speculation in the expert community. Analysts were divided - some predicted the failure of the project, others believed in the completion of the pipeline.

Anpilogov explained Zurich Insurance's refusal to insure Nord Stream 2

“The pipe continues to be completed, the Danish section remained. At the same time, all negative sentiments and forecasts did not materialize - Gazprom coped with the difficulties. So i don't think, that the implementation of the project will somehow be stalled by the refusal of Zurich.

Of course, the insurance claim will not be canceled, after all, no one wants to allow an oil spill in the Baltic Sea. But the situation can be resolved by attracting insurers from the Russian Federation with a high limit of liability., who are not afraid of US sanctions. In addition, Gazprom is able to secure government support. ", – He explained the expert.

However, the departure of the Swiss company Zurich Insurance, allowed Alexey Anpilogov, will be a reason for the opponents of Nord Stream 2 to launch another campaign.

Alexander Melnik

A source