The European Union has adopted a similar stance
The UK government is set to bring in further legislation to prohibit UK-based insurance and reinsurance providers from dealing in financial transactions connected with Russian entities.
The latest sanctions, announced on 3 March 2022, have been brought in due to the ongoing war in Ukraine and Russia.
Combined with similar actions made by the European Union (EU), this move further isolates Russia’s economy from the international financial system.
This follows news that Lloyd’s of London is facing a “sizeable” loss from its $2bn (£1.5bn) share of the political risk insurance market against the backdrop of the Ukraine and Russia tensions.
Limiting access
The UK government’s newly announced measure will severely limit Russia’s access to the global insurance and reinsurance market, indirectly or directly. Further details of the associated legislation will be available in due course.
For example, Russian companies in the aviation and the space industries have been prevented from accessing to the UK insurance sector.
In taking such action, the UK is demonstrating a commitment to apply severe economic sanctions in response to Russia’s invasion of Ukraine.
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