UK OFSI Amends Russia Sanctions Licence for Maritime Insurance Winding Down
In-house counsel for maritime insurance providers and holders of pre-designation Russia-related maritime mutual insurance policies must review the amended OFSI general licence to ensure their policy winding down processes comply with updated terms and avoid sanctions violations.
On 6 July 2026, the UK Office of Financial Sanctions Implementation (OFSI) amended General Licence INT/2026/8893924 under the Russia (Sanctions) (EU Exit) Regulations 2019. The update revises permitted terms for winding down insurance policies issued by designated Maritime Mutual entities and their subsidiaries that were written prior to the entities’ sanctions designation. The amended licence clarifies allowed activities for both insurers and policyholders to terminate or modify existing Russia-related maritime coverage without violating UK sanctions rules. Affected in-house counsel should review the full updated licence text to confirm their winding down procedures align with the revised terms, and update internal sanctions compliance protocols as needed.