| Link(s): | UK strengthens ban on Russia aircraft and introduces new trade sanctions – GOV.UK (www.gov.uk) |
Context
Following the official statement from HM Treasury on 3rd March 2022, Foreign Secretary Liz Truss has confirmed a new suite of aviation sanctions. The UK is to bring in further sanctions targeted at the provision of insurance and reinsurance services to prevent Russian companies in the aviation and space industries from access to the UK insurance sector.
The measures include new powers to detain Russian aircraft and remove aircraft belonging to designated individuals and entities from the UK register, a ban on the export of aviation and space-related goods and technology, including technical assistance, and the previously announced ban on UK companies providing insurance and re-insurance services in relation to these goods and technology.
Key points to note
- Cover is withdrawn on existing policies and UK insurers and reinsurers will be unable to pay claims in respect of existing policies in these sectors. The insurance press has reported that UK providers of Russian aviation and space insurance must cancel all policies by 28th March.
Next actions
None – for information and awareness