Pass Law, UK Blocks Russian Companies From Insurance Market

ILLUSTRATION/UNSPLASH

JAKARTA - Britain will ban Russian companies from the London insurance market, the world's largest center for commercial and specialty insurance, its finance ministry said.

Russian companies in the aviation or space industries will be blocked from accessing UK-based insurance or reinsurance services directly or indirectly, the ministry said.

"The UK government will pass legislation to prohibit UK-based insurance and reinsurance providers from conducting financial transactions related to Russian entities or for use in Russia", the Treasury said.

"Further details of the legislation will be available in due course."

Companies from around the world use Lloyd's of London and other businesses operating in London for commercial insurance and reinsurance.

Lloyd's and the International Underwriting Association did not immediately respond to requests for comment.