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Associations belonging to the International Group of P&I Clubs,
including the Shipowners' Club and the London P&I Club, said in
a circular on Monday that it would not provide cover "for any
activity involving or related to the Nord Stream 2 or TurkStream
construction projects".
It said members were "strongly urged to assess and mitigate the
risks of entering into contracts on the Nord Stream 2 or
TurkStream construction projects and exercise the fullest
possible due diligence to avoid exposure to sanctions or
enforcement actions".
The International Group of P&I Clubs represents the world's top
13 ship insurers and covers nearly 90% of the world's
ocean-going tonnage. The notice carried by its members said that
all clubs had issued similarly worded circulars regarding Nord
Stream 2 and TurkStream.
Led by Russia's Gazprom, the $11 billion Nord Stream 2 pipeline
project to double the capacity of the existing Nord Stream 1
link is more than 90% complete and scheduled to begin operating
next year.
U.S. President Donald Trump's administration has sought to curb
the Kremlin's economic leverage over Europe and Turkey and has
warned investors in the two natural gas pipelines could face
sanctions.
Former German chancellor Gerhard Schroeder is chairman of Nord
Stream's shareholders committee. Gazprom holds a 51% stake
alongside German energy companies E.ON and Wintershall Dea,
Engie of France and Dutch firm Gasunie.
German Chancellor Angela Merkel has faced calls in recent weeks
to halt Nord Stream 2 in response to the suspected poisoning of
Russian opposition politician Alexei Navalny in Siberia last
month.
The Kremlin has said the commercial project is beneficial to
both Russia and European countries and that it should not be
linked to the Navalny case.
TurkStream, which stretches 930 km (580 miles) across the Black
Sea to Turkey, began operating this year.
(Reporting by Anton Kolodyazhnyy; writing by Gabrielle Tétrault-Farber;
editing by Jason Neely)
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