Lord Empey, the UK Parliamentary, has asked His Majesty’s Government (HMG) whether UK-based insurers are insuring oil or gas tankers that transport Russian fossil fuel products?
According to the Treasure’s answer UK based insurers are currently involved in this trade.
“In January 2023 the UK prohibited all imports of Russian liquefied natural gas into the UK and provision of services which facilitate that import such as insurance. UK insurers are permitted to provide coverage to vessels transporting Russian gas between Russia and third countries. HMG is aware of UK based insurers who are currently involved in this trade. These measures are restricting Russia’s funding for Putin’s illegal war in Ukraine; sanctions have deprived Russia of $450 billion in revenue, approximately four years of current Russian military spending” – answered the UK government.
