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UK announces insurance sanctions on Russia

Russian companies in aviation and space industry will be prevented from access to UK re/insurance sector

The UK is to bring in further sanctions targeted at the provision of re/insurance services for Russian companies.

Russian companies in the aviation or space industry will be prevented from making use of UK-based insurance or reinsurance services directly or indirectly.

The UK government said the measures will “severely limit” access to the global re/insurance market.

The government said it will bring in legislation to prohibit UK-based insurance and reinsurance providers from undertaking financial transactions connected with a Russian entity or for use in Russia.

“Through Lloyd’s and the London market, the UK is a world leader in these sectors of the global insurance market. In taking such action, the UK is demonstrating its commitment to apply severe economic sanctions in response to Russia’s invasion of Ukraine,” HM Treasury said.

“Further details of the legislation will be available in due course. Coupled with similar actions by the EU, this move further isolates Russia’s economy from the international financial system.”

 

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