To ask His Majesty's Government what assessment they have made of the extent of UK-based protection and indemnity insurance underwriting the shipping of Russian oil and products.

The Oil Price Cap was designed to meet two core objectives: to bear down on Russian revenues that could otherwise be used to fund their illegal war, whilst also maintaining global energy security and flows of affordable oil to countries that need it. The measure has been effective partly thanks to the prevalence of highly sought after G7 service providers, it is very hard to make major oil trades or gain significant market share without using G7 services at all.

Where G7 services are involved in the shipping of Russian oil and oil products, these trades must be conducted at or below the relevant price cap – constraining Putin’s ability to use inflated oil revenues to sustain his war machine. This is why the UK, alongside G7 partners, have provided extensive guidance to industry to advise service providers, including insurers, on how they can move Russian oil in compliance with the price cap.

We continue to monitor our oil-related measures and investigate any potential breaches robustly.