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U.S. Sanctions Russian Insurer in New Nord Stream 2 Report

Photographer: Alex Kraus/Bloomberg

The Biden administration imposed sanctions on two Russian entities over their involvement in the Nord Stream 2 pipeline project, but is leaving in place a waiver that spared the company overseeing the construction and its top executive.

The U.S. listed St. Petersburg, Russia-based Nobility, and a Russian insurer, Constanta, that was established after other insurers backed out of the project under threat of sanctions, according to three people familiar with the report that went to Congress on Friday. They asked not to be identified because specifics of the report aren’t public.