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UK shuts out Russian companies from insurance market

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By Reuters

LONDON – Britain on Thursday said it would cut Russian companies out of the London insurance market, the world’s largest commercial and speciality insurance centre.

Russian companies in the aviation or space industry will be blocked from accessing British-based insurance or reinsurance services directly or indirectly, Britain’s finance ministry said.

“The UK Government will bring in legislation to prohibit UK based insurance and reinsurance providers from undertaking financial transactions connected with a Russian entity or for use in Russia,” the Treasury department said. “Further details of the legislation will be available in due course.”