The UK will ban Russian aerospace companies from access to insurers in the City of London, one of the world’s leading centers for specialized insurance, the UK Chancellor’s Office said.
In response to the Kremlin-ordered military invasion of Ukraine, new legislation will ban Russian firms in the sector from taking out insurance or reinsurance, directly or indirectly, through UK-based brokers.
With this measure, the British Government “demonstrates its commitment to the application of severe economic sanctionsagainst Russia, the ministry stressed in a statement.
The ban on operations in the City of London will limit access to “global market” from Russian airlines, which are already under pressure as a result of other financial sanctions against Russia and flight bans by numerous countries.
The one known as Lloyd’s of London is a market in which more than 50 insurers participate, through which premiums worth 35.5 billion pounds per year (42.8 billion euros) are written.
“We maintain regular communications with the UK Government and international regulators, and work together with market participants to comply with the implementation of sanctions applied by governments around the world.”, Patrick Tiernan, head of markets at Lloyd’s of London, told the “Financial Times”.
Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
