UK sets deadline on Russian aviation and space insurance sanctions
Re/insurers have until March 28 to cancel coverage as full list of sanctions published
The UK government has given UK-based aviation and space re/insurers until March 28 to divest themselves of any Russian coverage they are writing.
A new set of sanctions unveiled by the government includes a prohibition on the provision of insurance and reinsurance relating to aviation and space goods and technology.
This licensing ground will no longer be available for use from March 28, the UK government said, with no exceptions being listed.
A wide variety of services and other business have also seen sanctions placed on them by the UK government, in response to the ongoing Russian invasion of Ukraine.
Regulations have also been brought in that prohibit Russian ships and other ships specified by the ministers from entering ports in the UK.
Russian ships are defined as a ship that is owned, controlled, chartered or operated by a designated person or operated by persons connected with Russia or is registered in Russia or flies the Russian flag.
These sanctions do not apply to other ships originating from or destined for Russian ports unless they fall within the definition of a Russian ship or specified ship as above.
Similar sanctions have been brought in for Russian aircraft in the UK.
A number of financial and investment sanctions have been put into place and the UK government is urging any firm that does business in eastern Europe to read the sanctions and the guidance about them carefully, in case they are affected by them.
The government is also looking at further sanctions covering Belarus, which allowed the passage of Russian troops to attack Ukraine.
A wide variety of global sanctions are now in place and shipping interests have been warned insurance coverage in the Black Sea is seeing substantial rises in premiums, with some insurers withdrawing from covering the area.
