The British insurer NorthStandard continues to provide insurance coverage to three LNG carriers of the Greek Dynagas of George Prokopiou, which have been placed under sanctions by the United Kingdom for their participation in the Russian energy trade.
The Clean Planet, Clean Ocean and Clean Vision, which belong to the fleet of 29 ships of Dynagas of George Prokopiou, serve the gas facility on Russia’s Yamal Peninsula. British sanctions prohibit them from entering British ports and from registration in the British ship registry, but not from the provision of insurance or other financial services.
According to the Financial Times, the “loophole” is expected to close in January 2027, when the existing exemptions from the ban on the provision of maritime services expire. Then British insurers will have to withdraw from this specific activity.
However, the development creates a different regime between Britain and the EU, as the EU has provided for an exemption until July 2027 for services connected with Russian LNG exports to third countries.
NorthStandard maintains that its coverage concerns liabilities to third parties and does not insure activities that violate sanctions. Dynagas, for its part, rejects the imposition of sanctions on its ships and maintains that they operate in accordance with the applicable legislation.