Insurance ban on Russian oil ships - report

According to the article, on 30 May the EU agreed an embargo on most Russian oil shipments but the “involvement of the UK unlocked the insurance ban” in a sanctions package targeting Russian oil exports.

The move will end access to Lloyd’s. The publication detailed that the UK government had declined to comment but cited sources that an announcement on ending cover was imminent.

It is the latest in a string of insurance developments in response to Russia’s invasion of Ukraine.

At the start of March the UK government announced that Russian companies in the aviation or space industry would be prevented from making use of UK-based insurance or reinsurance services directly or indirectly. This included broking.

It confirmed on 9 March that UK providers of Russian aviation and space insurance had to cancel all policies by 28 March.

Exits

Insurers, such as Zurich, and brokers have pulled out of the Russian market.

On 10 March, Marsh McLennan confirmed that it would exit all of its businesses in Russia transferring them to local management to operate independently.

The same day Aon halted its operations in Russia and staff were put on paid leave.

And three days later Wills Towers Watson announced its withdrawal from all of its businesses in Russia with ownership transferred to local management.

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