Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his policy to ban British companies insuring ships carrying Russian oil cargo will be made retrospective to prevent contracts being signed that last beyond the end of 2022; and if he will make a statement.

As announced in the G7 leaders’ statement on 28 June we have collectively committed to explore a price cap on globally shipped Russian oil and petroleum products, given the G7’s dominant position in the provision of maritime services that enables the transportation of Russian seaborne crude oil and petroleum products globally.

The G7 will now consult with other countries and key stakeholders in the private sector.