To ask His Majesty's Government what steps the Treasury are taking to regulate higher transparency and due diligence standards in the UK’s maritime services sector to prevent Protection and Indemnity insurers from facilitating the operations of vessels within Russia's shadow fleet.

The action the UK and its partners have taken to limit Russian energy revenues is having a significant impact, including reducing Russia's oil and gas revenues by 24 percent in 2023 compared to 2022. It is illegal for UK maritime services including insurers to engage with oil tankers where the oil is traded above a given price. The FCDO regularly engages with maritime service providers including to emphasise that if they facilitate shadow fleet activity they may be in in breach of UK sanctions and could be at risk of enforcement action. The Government is committed to rigorously enforcing our sanctions and keeps all our sanctions under review.