London eased Russian sanctions on ship and aircraft insurance

Insurance of aircraft, ships, gas turbine aircraft engines and their components is allowed,if it does not violate other sanctions restrictions

The UK government has allowed the provision of services for the insurance and reinsurance of ships, aircraft and their components to counterparties associated with Russia, follows from the message of the Department of International Trade of Britain.

Changes were made to the general license as part of the sanctions against Russia. “This allows insurance and reinsurance to be provided to a person associated with Russia in relation to the sub-clauses specified in clause 1 (a), subject to broader restrictions and license conditions,” the statement says.

Paragraph 1 (a) of the license refers to ships, aircraft, aircraft gas turbine engines and their components. This does not apply to military goods or military technology.

FT learned that Britain will postpone the ban on oil insurance from Russia Politics

On July 21, sanctions against the Russian aviation industry were eased by the European Union. Technical support in this area is permitted "to the extent necessary to support the work of ICAO in the development of technical standards".

Since February, Western countries, including the US , EU and UK, have imposed several packages of sanctions against Russia. They touched, among other things, the aviation sector. Maintenance, insurance and reinsurance of aircraft, their leasing, as well as the sale of spare parts for liners were prohibited. In this regard, Boeing and Airbus stopped technical support for Russian airlines.

As part of the sanctions policy, the United States, Great Britain and the European Union also closed the sky for the flights of Russian aircraft in their airspace. Russia responded in the mirror by banning airliners from 36 countries from overflying its territory.

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