German insurance company Munich Re does not plan to extend its insurance coverage for the Nord Stream 1 pipeline when it expires in 2023.
Source. Reuters writes about this with reference to a company representative.
Munich Re is the second German insurer to announce its refusal to renew the insurance policy for the Trans-Baltic pipeline, which delivered Russian gas to Europe for more than a decade before the explosion in September 2022.
The day before, Allianz announced that Nord Stream 1 insurance expires in 2023 and will not be renewed.
The provision of insurance by Germany's two largest companies is crucial to any long-term prospects for the pipeline.
Russia owns 51% of the pipeline operator, Nord Stream AG, through a subsidiary of Gazprom.
Earlier, Reuters sources said that German insurers Allianz and Munich Re had resumed insurance for the pipeline, and Kremlin spokesman Dmitry Peskov warned that it was too early to draw optimistic conclusions about the project's prospects.
In March, three Reuters sources familiar with Moscow's plans said that Russia has no plans to repair the damaged Nord Stream subsea pipelines: they will most likely be mothballed for a while.