The UK government has sanctioned New Zealand insurer Maritime Mutual Insurance Association, saying it was involved in supporting the Russian energy sector.  

MMIA has previously denied allegations it breached sanctions against Russia by insuring vessels transporting Iranian or Russian oil, or that it engaged in conduct designed to circumvent the sanctions. 

The UK action against MMIA NZ and affiliate Maritime Mutual Insurance Association, announced on February 24, includes assets being frozen and directors disqualified.  

In a statement of reasons, the government says there are reasonable grounds to suspect MMIA was 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”.  

The UK Office of Financial Sanctions Implementation issued a licence that allows for the winding down of insurance policies written by Maritime Mutual entities.  

New Zealand Police raided MMIA’s offices last October in connection with the allegations.

The company’s premises in Christchurch and Auckland and a private home in Auckland were searched and records and documents seized.  

The investigation continues, an NZ Police spokesman told insuranceNEWS.com.au last week.  

MMIA was named in a British government announcement of nearly 300 new sanctions aimed at disrupting Russia’s energy revenue – including oil exports – and supply of military equipment.  

The action was timed for the fourth anniversary of Russia’s invasion of Ukraine.  

It follows a report by the Reuters news agency last year saying MMIA insured vessels in the shadow fleet of tankers transporting oil from countries such as Russia and Iran, disguising their activities to avoid sanctions.  

In rejecting the allegations then, MMIA said tankers accounted for about 6% of its total insured fleet and its compliance framework was designed to prevent breaches of sanctions. “Every vessel and ownership structure is subject to rigorous onboarding checks, sanctions screening, and ongoing monitoring.”

MMIA’s website was offline after the UK sanctions announcement.