Russian Companies Barred From UK Insurance Market, Isolation Proving Costly to Economy

A office worker walks from the Lloyd's Building, the home of the insurance institution Lloyd's of London on September 25 2008 in London, England. Matt Cardy/Getty Images

London has announced its decision to prohibit Russian entities in the aviation and space industries from accessing its insurance market as part of sanctions against Moscow for invading 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,” the treasury department said on March 3.