The UK Authorities has imposed sanctions on Maritime Mutual, a marine insurer primarily based in New Zealand, for its alleged involvement in supporting Russia’s vitality sector.
The motion follows a Reuters report that detailed the insurer’s protection of vessels engaged within the transport of sanctioned oil from Russia, Iran and Venezuela.
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Authorities mentioned that Maritime Mutual “is or has been concerned in acquiring a profit from or supporting the Authorities of Russia by carrying on enterprise in a sector of strategic significance to the Authorities of Russia, particularly the Russian vitality sector”.
Investigations revealed that Maritime Mutual had offered insurance coverage sooner or later to ‘shadow fleet’ vessels that skirt worldwide restrictions by masking their actions and cargo origins.
A spokesperson for Maritime Mutual mentioned the corporate “strongly disagrees” with the choice and is reviewing its choices.
In a press release to Life Insurance coverage Worldwide, the spokesperson mentioned: “The Authorities is wrong in its assertion that MMIA is concerned in acquiring a profit from or supporting the Authorities of Russia by carrying on enterprise in a sector of strategic significance to the Authorities of Russia, particularly the Russian vitality sector.
“Due to this fact, the affect of the FCDO’s [Foreign, Commonwealth and Development Office] designation will probably be on absolutely compliant staff and stakeholders that don’t have anything to do with the nexus of Russian sanctioned exercise.”
Based on the assertion, Maritime Mutual and its associated companies don’t insure any ships which might be a part of shadow or ‘darkish’ fleets, nor do they cowl vessels transporting oil or associated merchandise from Russia.
Moreover, underneath firm coverage up to date in October 2025, insurance coverage is cancelled for any vessel that’s subsequently recognized as falling into these classes, it added.
The British Authorities’s sanctions goal the Maritime Mutual Insurance coverage Affiliation (MMIA), primarily based in Auckland, in addition to its Gibraltar affiliate, Maritime Mutual Affiliation.
The sanctions embrace freezing firm property and disqualifying administrators.
The UK Treasury has allowed a brief licence so present insurance coverage insurance policies could be wound down till 9 April, Reuters famous.
