The UK Government is banning UK based insurers or reinsurers from covering Russian aviation and space companies.
“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. These further economic sanctions will limit the benefits Russian entities receive from their access to the global insurance and reinsurance market,” said the UK Government in a statement. “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.”
The Government says it will publish further details soon.
Russian owned or controlled aircraft are already banned from the UK, EU and US.