UK shuts out Russian firms from insurance coverage market

An indication is seen engraved on the Treasury constructing in London, Britain, March 1, 2021. REUTERS/Toby Melville

LONDON, March 3 (Reuters) – Britain will ban Russian firms from the London insurance coverage market, the world’s largest business and speciality insurance coverage centre, its finance ministry mentioned on Thursday.

Russian firms within the aviation or area trade shall be blocked from accessing British-based insurance coverage or reinsurance providers immediately or not directly, the ministry mentioned.

“The UK Authorities will herald laws to ban UK-based insurance coverage and reinsurance suppliers from endeavor monetary transactions linked with a Russian entity or to be used in Russia,” the Treasury division mentioned.

“Additional particulars of the laws shall be accessible sooner or later.”

Firms from world wide use Lloyd’s of London (SOLYD.UL) and different companies working in London for business insurance coverage and reinsurance.

Lloyd’s and the Worldwide Underwriting Affiliation didn’t instantly reply to requests for remark.

Reporting by William James
Writing by Kate Holton and Carolyn Cohn
Enhancing by David Goodman

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