Insurer covers sanctioned Russian gas tankers

By the Editorial Team · Saturday, September 12, 2026

NorthStandard, a major UK insurer, continues to provide coverage for three Russian-sanctioned LNG tankers operated by Greek firm Dynagas despite existing UK sanctions. This highlights a loophole in the UK sanctions regime that will close in January 2027, when new restrictions will ban British insurers from servicing vessels involved in Russian energy exports, potentially complicating international insurance markets.

A leading UK insurer has maintained coverage for Russian-sanctioned liquefied natural gas (LNG) tankers, underscoring a notable gap in Britain's sanctions framework amid upcoming regulatory changes. NorthStandard, the world’s second-largest protection and indemnity (P&I) insurer, continues to provide insurance for three LNG vessels owned by Greek shipping firm Dynagas, despite their inclusion on the UK sanctions list since last October.

The ships—Clean Planet, Clean Ocean, and Clean Vision—are part of Dynagas’s 29-vessel LNG fleet and remain among the few European Union-owned vessels still servicing Russia’s Yamal LNG project. This Arctic liquid natural gas facility has continued exporting significant volumes of gas despite broad Western sanctions.

While the UK sanctions restrict the tankers from entering British ports or registering under the UK flag, they do not currently bar British companies from offering insurance or other financial services to these vessels. This regulatory loophole has enabled NorthStandard to legally insure the ships, a practice that will change with new restrictions planned for January 2027. At that time, the UK government intends to close exemptions and ban all maritime services tied to Russian energy exports.

This policy shift will place the UK at odds with the European Union, which, under pressure from Greece, has granted a 12-month exemption allowing European companies to continue servicing Russian LNG exports bound for non-EU countries until July 2027.

The impending UK restrictions also pose challenges for P&I clubs, which manage liability risks for shipowners. These clubs pool their liabilities and purchase reinsurance via the Lloyd’s of London market, where insurers will soon need to remove exposures related to Russian LNG. Because these pooled risks include coverage from US, UK, and EU insurers, the new UK rules could force Lloyd’s to disentangle exposures that remain lawful under other jurisdictions’ regulations.

Lloyd’s has engaged with UK authorities to seek delays for financial services providers in implementing the sanctions. The market emphasized its intent to work cooperatively and apolitically to sustain its role in facilitating global trade.

NorthStandard’s head of sanctions, Mark Church, stressed that its insurance policies cover third-party liabilities arising from maritime incidents but do not underwrite activities that violate applicable sanctions or are otherwise unlawful. Dynagas responded by strongly disputing the appropriateness of sanctioning their vessels, asserting that the ships comply fully with all legal requirements and operate to the highest standards.

The UK Foreign Office reiterated its commitment to maintaining pressure on the Russian government amid ongoing scrutiny of Russia’s energy exports.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.