International insurers will not provide insurance to ships that are building Nord Stream 2
The ships involved in the construction of the Russian pipelines Nord Stream 2 and the Turkish Stream have been denied insurance due to US sanctions.
An international group of shipowners’ mutual insurance clubs will not provide insurance coverage to ships that are involved in the construction of the Russian pipeline Nord Stream-2. The same measures will apply to the companies involved in the construction of the Turkish Stream.
This is stated in a statement by the Association of International Shipowners Insurers.
“ This circular expresses concern about the US position on strengthening sanctions provisions on the construction of the Nord Stream 2 and Turkish Stream pipelines. The club will not provide insurance coverage for project-related activities, ”the statement said.
This decision was made in the association against the backdrop of the threat of direct sanctions for insurers due to the American laws CAATSA ( On Countering US Adversaries Through Sanctions) and PEESA ( On Protecting European Energy Security).