Britain Strikes at Maritime Mutual Over Russian Oil Trade

The UK government imposed sanctions on Maritime Mutual, a New Zealand-based marine insurer, targeting its involvement in the trade of sanctioned Iranian and Russian oil. This action is part of a broader response to Russia's geopolitical actions.

Britain's statement highlighted Maritime Mutual's role in supporting Russia's energy sector, noting its insurance of vessels within the so-called 'shadow fleet.' These tankers, owned by various firms, have been using deceptive practices to transport sanctioned cargo from countries like Iran, Russia, and Venezuela.

The sanction measures involve an asset freeze and director disqualification. The UK Treasury offered a temporary license to wind down existing insurance policies. Maritime Mutual has previously denied any breach of international sanctions, maintaining a rigorous compliance stance.