Question to the Foreign, Commonwealth & Development Office:

To ask His Majesty's Government whether UK-based brokers are facilitating the insurance of vessels carrying Russian oil worldwide; and if so, whether they are planning to extend sanction regulations to prevent the Putin regime from funding its aggression in Ukraine assisted by UK based or controlled entities.

The oil price cap, implemented by a Coalition encompassing the UK alongside the G7 and Australia, operates globally by prohibiting UK and Coalition firms from providing services such as shipping, insurance and finance to facilitate the maritime transport of Russian oil and oil products, unless the oil was purchased at or below the price cap level. The UK has implemented a strong enforcement approach focused on prohibition, with the Office of Financial Sanctions Implementation (OFSI) responsible for civil enforcement, and HMRC and the National Crime Agency jointly considering cases which may be appropriate for criminal prosecution. The Coalition has recently acted jointly to tighten price cap compliance rules and reserves the right to take further action to ensure its effectiveness if needed.