The UK Government has imposed sanctions on Maritime Mutual, a marine insurer based in New Zealand, for its alleged involvement in supporting Russia’s energy sector.
The action follows a Reuters report that detailed the insurer’s coverage of vessels engaged in the transport of sanctioned oil from Russia, Iran and Venezuela.
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Authorities said that 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”.
Investigations revealed that Maritime Mutual had provided insurance at some point to ‘shadow fleet’ vessels that skirt international restrictions by masking their movements and cargo origins.
A spokesperson for Maritime Mutual said the company “strongly disagrees” with the decision and is reviewing its options.
In a statement to Life Insurance International, the spokesperson said: “The Government is incorrect in its assertion that MMIA is 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.
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By GlobalData“Therefore, the impact of the FCDO’s [Foreign, Commonwealth and Development Office] designation will be on fully compliant employees and stakeholders that have nothing to do with the nexus of Russian sanctioned activity.”
According to the statement, Maritime Mutual and its related businesses do not insure any ships that are part of shadow or ‘dark’ fleets, nor do they cover vessels transporting oil or related products from Russia.
Additionally, under company policy updated in October 2025, insurance is cancelled for any vessel that is subsequently identified as falling into these categories, it added.
The British Government’s sanctions target the Maritime Mutual Insurance Association (MMIA), based in Auckland, as well as its Gibraltar affiliate, Maritime Mutual Association.
The sanctions include freezing company assets and disqualifying directors.
The UK Treasury has allowed a temporary licence so existing insurance policies can be wound down until 9 April, Reuters noted.
