The British government announced on Thursday that it would impose further sanctions preventing Russian aerospace companies from gaining access to the British insurance sector.
Russian aerospace companies will be blocked from using UK-based insurance, the country’s government announced in response to Russia’s invasion of Ukraine. in one statementThe Treasury said that these new economic sanctions “will limit the benefits Russian companies derive from their access to the global insurance and reinsurance market.”
The UK government will enact legislation to ban insurance and reinsurance providers from “entering into any financial transaction in connection with or for use in Russia” with more details on the legislation to follow “in due course”.
This announcement comes days after the UK targeted Russian banks, oligarchs and exporters and banned all Aeroflot planes from landing in the country. The move aims to further isolate Russia from the international financial system, especially given the UK’s significant share of the global insurance market.
https://www.politico.eu/article/uk-to-add-insurance-sanctions-targeting-russian-aviation-companies/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication UK blocks Russian aerospace companies from its insurance sector - POLITICO