Baker Hughes, AXA Group, 16 others stopped work on Nord Stream 2 pipeline

Baker Hughes and AXA Group and 16 other companies recently wound down work on Russia’s Nord Stream 2 natural gas pipeline and would not be sanctioned, according to a document the Biden administration sent to Congress last week which was seen by Reuters.

Russian energy company Gazprom and its western partners are racing to build the pipeline to take Russian gas to Germany under the Baltic Sea, and hope to finish it this year. President Joe Biden believes the pipeline is a “bad deal” for Europe.

Many U.S. lawmakers and officials say the pipeline would increase Russia’s political and economic leverage over Europe because it would bypass Ukraine and other countries depriving them of lucrative transit fees.

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

A few of the companies, including DNV GL, Zurich Insurance and Munich Re already said they dropped out after U.S. pressure. Here is the full list of companies according to the document:

AEGIS Managing Agency Ltd

Arch Insurance Ltd

Aspen Managing Agency Ltd

Baker Hughes

Beazley Furlonge Ltd

Bilfinger

Canopius Managing Agents Ltd

Chaucer Syndicates Ltd

Chubb Underwriting Agencies Ltd

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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