LONDON, March 3. /TASS/. The UK is closing the London insurance market, the world's largest center for commercial and specialized insurance, for Russian companies, the UK Treasury said in a statement on Thursday.
"The UK Government will bring in legislation to prohibit UK-based insurance and reinsurance providers from undertaking financial transactions connected with a Russian entity or for use in Russia," the Treasury says.
According to the statement, "Russian companies in the aviation or space industry will be prevented from making use of UK-based insurance or reinsurance services directly or indirectly".
The UK Treasury believes that "coupled with similar actions by the EU, this move further isolates Russia’s economy from the international financial system."