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UK Sanctions New Zealand Insurer Maritime Mutual Following Allegations Over Russian Oil Cover
London freezes assets of Auckland-based marine insurer after findings it provided cover to vessels linked to Russia’s shadow fleet
The United Kingdom has imposed sanctions on New Zealand-based marine insurer Maritime Mutual after authorities concluded the company had provided insurance services to vessels linked to Russia’s so-called shadow fleet, in breach of Western restrictions on Moscow’s oil trade.
The measures, announced by the Foreign Office, include asset freezes and a prohibition on UK individuals and firms engaging in financial dealings with the company.
Officials said the decision followed evidence that Maritime Mutual had underwritten ships involved in transporting Russian crude outside the G7 price cap framework.
The action comes after reporting highlighted the insurer’s role in providing cover to tankers suspected of helping Russia sustain oil exports despite sanctions imposed following its invasion of Ukraine.
British authorities said such services undermine international efforts to limit revenue flows to the Kremlin and weaken the effectiveness of coordinated sanctions enforcement.
Maritime Mutual, headquartered in Auckland, specialises in protection and indemnity insurance for small and medium-sized shipping operators.
In a statement issued prior to the sanctions announcement, the company said it complied with applicable laws and rejected suggestions of deliberate wrongdoing.
It has not yet commented on the UK’s formal designation.
The UK government said it remains committed to tightening enforcement against facilitators operating within global shipping and insurance markets.
Officials added that targeting insurers and service providers is a key component of efforts to disrupt the logistics networks supporting Russian oil exports.
New Zealand authorities have not publicly announced parallel measures.
Analysts note that the case underscores the increasing scrutiny facing maritime insurers as Western governments seek to close loopholes in sanctions regimes and counter the use of alternative fleets and service providers to bypass restrictions.
British officials indicated that further action may follow if additional entities are found to be assisting in sanctions evasion.
The measures, announced by the Foreign Office, include asset freezes and a prohibition on UK individuals and firms engaging in financial dealings with the company.
Officials said the decision followed evidence that Maritime Mutual had underwritten ships involved in transporting Russian crude outside the G7 price cap framework.
The action comes after reporting highlighted the insurer’s role in providing cover to tankers suspected of helping Russia sustain oil exports despite sanctions imposed following its invasion of Ukraine.
British authorities said such services undermine international efforts to limit revenue flows to the Kremlin and weaken the effectiveness of coordinated sanctions enforcement.
Maritime Mutual, headquartered in Auckland, specialises in protection and indemnity insurance for small and medium-sized shipping operators.
In a statement issued prior to the sanctions announcement, the company said it complied with applicable laws and rejected suggestions of deliberate wrongdoing.
It has not yet commented on the UK’s formal designation.
The UK government said it remains committed to tightening enforcement against facilitators operating within global shipping and insurance markets.
Officials added that targeting insurers and service providers is a key component of efforts to disrupt the logistics networks supporting Russian oil exports.
New Zealand authorities have not publicly announced parallel measures.
Analysts note that the case underscores the increasing scrutiny facing maritime insurers as Western governments seek to close loopholes in sanctions regimes and counter the use of alternative fleets and service providers to bypass restrictions.
British officials indicated that further action may follow if additional entities are found to be assisting in sanctions evasion.
