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UK to Ban Russian Companies From London Aviation Insurance Market

March 3, 2022


Britain will ban Russian companies from the multi-billion dollar aviation and space insurance market in London, the world’s largest commercial and speciality insurance center, the finance ministry said on Thursday.

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

“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,” the Treasury department said.

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