ANNOUNCEMENT 03 Mar 2022
In March 2022, the UK government prevented Russian companies in the aviation and space industry from access to insurance and reinsurance services.
NUMBER OF INTERVENTIONS
United Kingdom, HM Treasury, News Story, “UK to bring in further sanctions targeting provision of insurance”. Available at: https://www.gov.uk/government/news/uk-to-bring-in-further-sanctions-targeting-provision-of-insurance
On 3 March 2022, the government of the United Kingdom prevented Russian companies in the aviation or space industry from UK-based insurance or reinsurance services. The decision is taken in response to the invasion of Ukraine by Russia.
According to the announcement from UK Treasury “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.”