LONDON: Britain on Thursday announced new sanctions preventing Russian companies in the aviation and space industry from accessing British insurance and reinsurance services following the invasion of Ukraine.
"Russian companies in the aviation or space industry will be prevented from making use of UK-based insurance or reinsurance services directly or indirectly... in response to the invasion of Ukraine by Russia," the treasury office said in a statement.
London is one of the world's leading insurance markets, and in cutting off access to Russian companies, "the UK is demonstrating its commitment to apply severe economic sanctions," the statement said.
"Coupled with similar actions by the EU, this move further isolates Russia's economy from the international financial system."
Since Russia President Vladimir Putin ordered his troops into Ukraine last week, Western governments have ramped up sanctions against Russian businesses, banks and billionaires.
In the UK, Prime Minister Boris Johnson has been criticised for not going further in imposing assets freezes on London-based Russian billionaires.
UK officials stressed that "legally robust" mechanisms needed to be put in place first, but promised "more announcements in the days and week to come".
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