Russia sanctions ‘manageable’ for UK finance, says Bank of England

March 8, 202289 views0

LONDON (Reuters) -Sanctions against Russia in response to its invasion of Ukraine are “manageable” for Britain’s insurers and wider financial sector, Bank of England Deputy Governor Sam Woods said on Tuesday.

Britain is banning Russian companies from the multi-billion dollar aviation and space insurance market in London, the world’s largest commercial and specialty insurance centre.

Some Russian banks are being sanctioned and disconnected from the global payments messaging system SWIFT, and the London Stock Exchange has suspended trading in upwards of 30 Russian company listings.

Woods, who heads the Bank’s arm which regulates banks and insurers, told a House of Lords committee meeting on insurance regulation that it was “quite a scramble” to implement the “powerful package” of sanctions.

“We looked very carefully at whether we think these are manageable in terms of any collateral damage or impact on the UK financial services sector, and so far we are comfortable that they are,” Woods added.

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