The UK has not, as expected, followed the European Union in banning marine insurers from covering Russian oil exports outside Europe.
As London is a leading marine insurance market, the support of the UK was viewed as essential for the success of the EU sanctions to prevent Russia from selling its oil to Asia.
The UK legislation only prevents the provision of financial services, including insurance, for the export of Russian oil, coal and energy-related goods to the UK from 31 December 2022.
