German insurance company Allianz said on Wednesday it does not intend to renew a policy for the Nord Stream 1 project when it expires in late 2023.
Allianz said it was part of an insurance consortium that provided coverage for the pipeline's four European-based minority shareholders.
"The policy will expire in late 2023, is not currently up for renewal, and Allianz does not intend to renew this policy," it said in a statement on its website.
"This policy was underwritten prior to the Russian invasion of Ukraine for a two-year period and we are under contractual obligation to our policyholders subject to all sanctions."