Nord Stream 2 and TurkStream – Update on New US Sanctions (5.587)

This circular explains how recent US sanctions developments may affect the Nord Stream 2 and TurkStream pipeline projects, with a particular focus on vessels, services and insurers. London P&I also sets out the impact on cover and highlights the need for careful due diligence.

It summarises the main provisions of CAATSA and PEESA, notes the proposed PEESA Clarification Act, and reminds members that London P&I will not provide cover for activity involving or related to these projects.