UK sanctions New Zealand insurance firm over Russian oil trade links
The British government sanctioned Maritime Mutual, a New Zealand-based marine insurer, following a Reuters special report into its role facilitating tens of billions of dollars in Iranian and Russian oil trade.
Sir Keir Starmer’s government stated Maritime Mutual “is or has been involved in obtaining a benefit from or supporting the Government of Russia by carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian energy sector.”
The October Reuters investigation revealed the insurer had provided coverage for several vessels within the “shadow fleet.”
This network comprises hundreds of oil tankers transporting sanctioned cargoes from Iran, Russia, and Venezuela, often concealing trade with fake locations, documents, and names.
Reuters found the company had, at one stage, insured nearly one in six of the shadow fleet tankers sanctioned by Western governments, including the US, EU, and Britain.
The sanctions, targeting Maritime Mutual Insurance Association in Auckland, New Zealand, include an asset freeze and director disqualification. Its Gibraltar affiliate, Maritime Mutual Association Limited, was sanctioned.
The UK Treasury issued a licence, which expires on 9 April, allowing for the winding down of insurance policies written by Maritime Mutual entities and their subsidiaries before the sanctions announcement.
Requests for comment emailed to the company’s management and general enquiries teams had not been answered by the time of publication. A person who answered the phone in Maritime Mutual’s Christchurch office declined to comment.
The company has previously denied engaging in conduct that breached any applicable international sanctions. It told Reuters last year it maintains a “zero-tolerance policy” on sanction breaches and operates under rigorous compliance standards designed to ensure full adherence to all applicable laws and regulations.
The sanctions on Tuesday against Maritime Mutual are part of a package of nearly 300 measures that Britain said was its largest set of penalties since the war began.
It was announced on the fourth anniversary of Russia’s invasion of Ukraine.
“The UK has today taken decisive action to disrupt the critical financing, military equipment and revenue streams that sustain Russia’s aggression,” foreign minister Yvette Cooper said in a statement.