Question to the HM Treasury:

To ask His Majesty's Government whether UK-based insurers are insuring oil or gas tankers that transport Russian fossil fuel products.

UK based insurers are permitted to provide insurance services to vessels transporting Russian origin oil or oil products if those products are shipped below the relevant price cap and the insurers comply with the conditions of the Oil Price Cap general licence. More information on the Maritime Services Ban and Oil Price Cap general licence can be found here: https://www.gov.uk/government/publications/russian-oil-services-ban.

In January 2023 the UK prohibited all imports of Russian liquefied natural gas into the UK and provision of services which facilitate that import such as insurance. UK insurers are permitted to provide coverage to vessels transporting Russian gas between Russia and third countries. HMG is aware of UK based insurers who are currently involved in this trade.

These measures are restricting Russia’s funding for Putin’s illegal war in Ukraine; sanctions have deprived Russia of $450 billion in revenue, approximately four years of current Russian military spending.