The U.K. will ban Russian companies in the aviation or space industry from the London insurance market in an additional step to ramp up pressures on Moscow over its invasion of Ukraine.
“The UK Government will bring in legislation to prohibit UK-based insurance and reinsurance providers from undertaking financial transactions connected with a Russian entity or for use in Russia,” Britain’s Treasury said in a statement on Thursday.
Russian companies will be blocked from accessing U.K.-based insurance services directly or indirectly, according to the ministry.
“These further economic sanctions will limit the benefits Russian entities receive from their access to the global insurance and reinsurance market,” the statement read, adding that the move demonstrates the U.K.’s commitment to respond to Moscow’s attack on Ukraine.
The ministry added that details of the measure will be released soon.
Lloyd’s of London, the U.K.’s premier insurance market, is a major insurance shop for companies around the world including Russian firms.
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