Circular issued by International Group clubs Introduction Nord Stream is a system of offshore natural gas pipelines from Russia to Germany. It includes two lines running from Vyborg to Greifswald forming the original Nord Stream (NS1), and two lines running from Ust-Luga to Greifswald termed Nord Stream 2 (NS2). NS1 is owned and operated by Nord Stream AG, whose majority shareholder is the Russian state company Gazprom, and NS2 is owned and will be operated by Nord Stream 2 AG, a wholly owned subsidiary of Gazprom. NS1 was completed on 8 October 2012. Work to lay NS2 took place between 2018–2019 but has been disrupted by US sanctions. Prior to the imposition of US sanctions, it had been expected to become operational in mid-2020. TurkStream is a natural gas pipeline running from Russia to Turkey. It starts from Russkaya compressor station near Anapa in Russia crossing the Black Sea to the receiving terminal at Kıyıköy. Construction on TurkStream started in May 2017 and gas deliveries to Bulgaria via the pipeline began on 1 January 2020. This circular concerns efforts by the United States to enhance the sanction provisions targeting the construction of the NS2 and TurkStream pipeline projects and those who provide vessels and services in connection with either project. The recent efforts are mainly focused on two pieces of legislation – the Countering America's Adversaries Through Sanctions Act (CAATSA) and the Protecting Europe's Energy Security Act (PEESA). While the wording in the CAATSA and PEESA sanction authorizations is different, both Acts have the potential to reach the activities of non-US ship owners and others in the marine industry (including insurers). A summary of each Act is provided below. CAATSA The US Congress passed CAATSA in 2017. Section 232 of CAATSA includes a provision that allows (but does not require) the Administration to target for sanctions certain high-value investments or other transactions related to the construction of Russian energy