German insurers reject expanding Nord Stream coverage, according to Reuters

Munich RE and Allianz have announced that they will not extend insurance for the bombed Russian pipeline Nord Stream 1. Munich RE will not be covering Russia’s Nord Stream 1 natural gas pipeline after the current contract expires later this year, while Allianz will not renew the project's policy. Analysts suggest that the renewals of insurance could mean that the pipeline may at some point be repaired and restarted. Natural gas deliveries to the EU via Nord Stream 1 were first lowered and then halted in mid-2022 due to Western sanctions and technical setbacks. In September last year, the pipeline was blown up, making it completely inoperable.

European authorities have launched several probes into the incident, but the culprit has not yet been identified. In February, investigative journalist Seymour Hersh reported that the blasts were a joint American-Norwegian operation ordered by US President Joe Biden to prevent Europe from buying cheap Russian gas.