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Baker Hughes and 17 other companies left Nord Stream 2 project to avoid sanctions

Baker Hughes Co and AXA Group and 16 other companies have recently left Nord Stream 2 project to avoid US sanctions.

Russian Gazprom and its western partners are rushing to finish the pipeline to take Russian gas to Germany under the Baltic Sea, and hope to do it this year. USA and other European countries consider the pipeline a “bad deal” for Europe, as reported by oedigital.com.

According to many U.S. officials, the pipeline would only make Europe more dependent on Russia. The $11 billion pipeline, which would double the capacity of its existing duct, would bypass Ukraine through which Russia has sent gas to Europe for decades. That could deprive Ukraine and other Eastern European countries of transit fees and potentially undermine its capacity resist the Russian aggression.

The United States also would like to export liquefied natural gas to Europe as an alternative to Russian gas.

Last week U.S. representatives listed 15 ships that are “possibly engaged” in laying pipelines or related activities since Jan. 1 when the latest U.S. sanctions became law, including the Russia flagged vessels, the Ivan Sidorenko, and the Murman.

Ned Price, the State Department spokesman, said this week the tendency that the companies have decided break with the project to avoid sanctions proves that the legislative actions taken in this regard are having a good effect.

According to the official, the State Department keeps examining entities engaged in activities that may be under sanctions. He pointed out that sanctions are among many tools in response to Nord Stream 2.

Baker Hughes, a U.S. oilfield service company, and insurance companies Tokio Marine Kiln Syndicates Ltd and Aspen Managing Agency Ltd, had no comment. The other companies did not immediately respond to requests for comment.

But some of them, including Norway’s verification company DNV GL, and insurers Zurich Insurance, Munich Re, already noted they had terminated their activities after U.S. pressure.

In January German engineering group Bilfinger said it had refused from work on the Nord Stream 2 gas pipeline because of possible U.S. sanctions.

Here is the full list of companies according to the document:

AEGIS Managing Agency Ltd

Arch Insurance Ltd

Aspen Managing Agency Ltd

AXA Group

Baker Hughes

Beazley Furlonge Ltd

Bilfinger

Canopius Managing Agents Ltd

Chaucer Syndicates Ltd

Chubb Underwriting Agencies Ltd

DNV GL

Hiscox Syndicates Ltd

Markel Syndicate Management Ltd

MS Amlin Underwriting Ltd

Munich Re Syndicate Ltd

Tokio Marine Kiln Syndicates Ltd

Travelers Syndicate Management Ltd

Zurich Insurance Group

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