Insurance: Merchant Shipping
The question
To ask the Chancellor of the Exchequer, whether she has any plans to restrict UK insurance companies providing cover to vessels which ship Russian oil.
Answered by Lucy Rigby
The UK already restricts UK firms from insuring Russian oil. The UK implements the G7+ Oil Price Cap (OPC) which prohibits G7+ companies from shipping, insuring or otherwise servicing Russian oil sold above a set price to put downward pressure on Russian revenues. The UK lowered the OPC for Russian seaborne crude in July: https://www.gov.uk/government/news/uk-tightens-oil-price-cap-in-blow-to-putins-war-machine
Additionally, the UK has sanctioned 520 vessels so far for carrying Russian oil. These sanctions include the prohibition of insurance provision to these vessels.
The UK and our partners continue to consider strengthening sanctions on Russian energy exports, should Russia refuse to engage meaningfully in peace negotiations, building on the existing OPC and sanctions on all Russian oil majors.
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