Following the UK’s announcement of around 50 new sanctions against Vladimir Putin’s “war machine” last week, Russian insurer Ingosstrakh Insurance Company is looking at the pathways it can take, including possible legal action, to contest its inclusion.
When the sanctions were unveiled, the UK government noted: “New targets include ships in Putin’s shadow fleet, institutions at the heart of Russia’s financial system, and suppliers supporting Russia’s military production.
“These new sanctions, announced while the Prime Minister attends the G7 Leaders Summit in Italy, will bear down on Russia’s ability to fund and equip its war machine and show the UK’s steadfast support for Ukraine.”
Among those sanctioned are suppliers of munitions, machine tools, microelectronics, logistics, or other supplies; entities connected to Russia’s financial system; and groups that operate in or support the Russian liquefied natural gas and civil nuclear sectors.
Ingosstrakh, whose offerings include marine insurance, is the only insurer on the new list. A Bloomberg report highlighted: “Sanctions against Ingosstrakh are notable because it is a major provider of coverage for the commercial fleet moving Russian oil, largely displacing insurers based in the UK and Europe.”
Now Ingosstrakh is said to be working on getting the sanctions lifted.
In an emailed statement to Reuters, the insurer said: “The reasons pertaining to the OFSI (Office of Financial Sanctions Implementation) sanctions upon Ingosstrakh remain unclear to us since Ingosstrakh operates in strict compliance with all applicable legislation and follows all due compliance procedures.
“We shall seek clarification with the possibility of legally contesting them.”
To date, under its Russia sanctions regime, the UK has sanctioned more than 2,000 individuals and entities. Based on 2021 figures, over £20 billion of UK-Russia bilateral trade is now under full or partial sanction.
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