Allianz SE said the company is part of an insurance consortium that offers technical insurance coverage for the operation of the Nord Stream pipeline, relating only to the four European-based minority shareholders of operator Nord Stream AG in Switzerland.
“This policy was taken out for a period of two years prior to the Russian invasion of Ukraine and we have a contractual obligation to our policyholders to comply with any sanctions,” Allianz said. The insurer said it complied with all sanctions, including those imposed after Russia invaded Ukraine.
Last year three of the four main pipes of the Nord Stream pipeline, which was supposed to transport natural gas from Russia to Germany, were destroyed in a series of explosions.
In XETRA trading, the Allianz share temporarily rose 0.16 percent to EUR 213.45.
By Mauro Orru
FRANKFURT (Dow Jones)
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