Political conflicts over the completion of Nord Stream 2 now also have economic consequences. The world’s most important association of ship insurers, the International P&I Group, will not insure ships involved in the construction of Nord Stream 2.
This follows from a circular letter published at the beginning of the week. This is justified by the imminent US sanctions against the Baltic Sea pipeline project. The group is an umbrella organization for 13 independent clubs in the United States, the United Kingdom and other countries, covering approximately 90 percent of the world’s shipping. The organization will not secure ships “illegally and / or at actions that expose the group to the risk of sanctions,” the circular states after a legal analysis of applicable U.S. law. There is an “acute danger” for Nord Stream 2.
At the request of Russia’s business news portal RBC, Nord Stream 2 AG stated that it assumed “that European companies must be protected against illegal extraterritorial sanctions by their governments and the European Commission”. Only about 150 kilometers of pipelines need to be built to complete the pipeline, but work has been suspended since December 2019. At the time, the Swiss company Allseas withdrew its special ships from the project, also because it feared sanctions. Gazprom then moved its ship “Akademik Tscherski” to the Baltic Sea and has been moored in Mukran since May. In the meantime, “Tscherski” has also been deleted from the “Gazprom Flot” registers.