Lloyd's moves to ensure 'efficient functioning of market' as Ukraine crisis deepens
Chief of markets tells Insurance Day the corporation is in dialogues with UK government and regulators as invasion by Russia shows no sign of ending
Lloyd’s is keeping a close eye on the developing situation in Ukraine, where the Russian invasion shows little sign of slowing down.
Patrick Tiernan, Lloyd’s chief of markets, told Insurance Day the corporation is working to ensure the market continues to function during the crisis.
“We continue to monitor the deeply concerning situation in Ukraine and our thoughts are first and foremost with those directly impacted. We are proactively engaging with the UK government and international regulators as the situation develops and will support any sanctions put in place," he said.
“We are working closely with the entire Lloyd’s market and relevant associations to ensure the efficient functioning of our market through the crisis for all customers and stakeholders."
The invasion has prompted a wide range of sanctions from Western governments, with counter-sanctions reported to be considered by the Russian government. Further sanctions are reported to be imminent.
Russian airspace has been closed to overflights from the UK in retaliation to a UK ban on Russian flights.
Turkey’s Maritime Authority has confirmed the Turkish-owned bulk carrier Yasa Jupiter was struck by a Russian bomb off the coast of the Ukraine, near the port of Odessa. There were no casualties and the ship is now reported to be safely docked in Romanian waters to assess the damage.