Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of banning the provision of maritime insurance by UK companies to Russian vessels.

Alongside members of the G7, the Government has already committed to finalising a prohibition on services, including insurance, with respect to the maritime transportation of Russian oil and oil products.

HM Treasury is leading the development of the design and implementation of the ban for the UK, working closely with other government departments. The Government will set out details of how it expects to implement this policy in due course.

The services ban will curtail Putin’s capacity to finance his war from oil exports.