Published by Global Banking & Finance Review®
Posted on February 24, 2026
3 min readLast updated: April 2, 2026
Add as preferred source on GoogleBritain sanctioned New Zealand insurer Maritime Mutual and its affiliate, citing support for Russia’s energy sector, and issued a wind‑down licence for existing policies through April 9, 2026. The action follows a Reuters investigation into the insurer’s shadow‑fleet links. (gov.uk)
By Paul Carsten and Lucy Craymer
BERLIN, Feb 24 (Reuters) - Britain on Tuesday sanctioned Maritime Mutual, the New Zealand-based marine insurer that was the subject of a Reuters special report into how it had helped in the trade of tens of billions of dollars of Iranian and Russian oil.
"(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," the British government said in a statement.
Reuters' reported in October that Maritime Mutual had insured several vessels in what's known as the shadow fleet – hundreds of oil tankers owned by different firms that transport sanctioned cargoes from countries such as Iran, Russia and Venezuela, concealing their trade with fake locations, documents and names.
The company had insured at some point almost one in six of the shadow fleet tankers sanctioned by Western governments, including the United States, European Union and Britain, Reuters found.
The British sanctions imposed on Maritime Mutual Insurance Association, the company's main business based in Auckland, New Zealand, include an asset freeze and director disqualification. Maritime Mutual Association Limited, an affiliate in Gibraltar, was also sanctioned.
The UK Treasury issued a licence, which expires on April 9, allowing for the winding down of insurance policies written by Maritime Mutual entities and their subsidiaries before the sanctions announcement.
Requests for comment emailed to the company's management and general enquiries teams had not been answered by the time of publication. A person who answered the phone in Maritime Mutual's Christchurch office declined to comment.
The company has previously denied engaging in conduct that breached any applicable international sanctions. It told Reuters last year it maintains a "zero-tolerance policy" on sanction breaches and operates under rigorous compliance standards designed to ensure full adherence to all applicable laws and regulations.
The sanctions on Tuesday against Maritime Mutual are part of a package of nearly 300 measures that Britain said was its largest set of penalties since the war began. It was announced on the fourth anniversary of Russia's invasion of Ukraine.
"The UK has today taken decisive action to disrupt the critical financing, military equipment and revenue streams that sustain Russia's aggression," foreign minister Yvette Cooper said in a statement.
(Reporting by Paul Carsten in Berlin and Lucy Craymer in Islamabad; Editing by David Clarke)
The UK sanctioned Maritime Mutual, a New Zealand-based marine insurer, for activities linked to Russia’s energy sector, and granted a short wind‑down period for existing policies. (gov.uk)
Maritime Mutual Insurance Association (NZ) Ltd and Maritime Mutual Association Limited (Gibraltar) were designated, triggering an asset freeze and related restrictions on dealings. (gov.uk)
The action forms part of a broad UK package against Russia and follows a Reuters investigation that tied Maritime Mutual to ‘shadow fleet’ tankers carrying sanctioned oil. (ft.com)
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