The British economic and finance ministry, in response to Russia’s invasion of Ukraine, will see to it that Russian companies in aviation or aerospace are unable to make use of UK-based (re)insurance services.
In its announcement, HM Treasury declared: “The UK government 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.
“Further details of the legislation will be available in due course. Coupled with similar actions by the EU (European Union), this move further isolates Russia’s economy from the international financial system.”
It was noted that even indirect access will be prevented.
Home to Lloyd’s and the London Market, the UK said its action demonstrates the country’s commitment to apply severe economic sanctions in response to the invasion.