The sanctions package targets one of the world’s largest oil pipeline companies, PJSC Transneft, responsible for transporting over 80% of Russian oil exports. New measures also focus on Russia’s dark web of illicit oil traders, sanctioning 175 companies in the ‘2Rivers’ oil network, reportedly one of the largest shadow fleet operators globally and a major trader of Russian crude oil.
Notably for the insurance market, the UK has sanctioned New Zealand-based marine insurer Maritime Mutual after reported links to Iran and Russian oil shipments. The UK Statement of Reasons against Maritime Mutual states that it "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."
An investigation by Reuters in October 2025 had previously revealed that the insurer had provided coverage for several vessels within the "shadow fleet." The shadow fleet is a clandestine network of tankers and support vessels that transport sanctioned or high-risk commodities using deceptive practices to evade detection and enforcement. The shadow fleet network comprises hundreds of oil tankers transporting sanctioned cargoes from Iran, Russia, and Venezuela. Reuters found Maritime Mutual had, at one stage, insured nearly one in six of the shadow fleet tankers sanctioned by Western governments, including the US, EU, and UK. The sanctions, targeting Maritime Mutual Insurance Association in Auckland, New Zealand, include an asset freeze and director disqualification. Its Gibraltar affiliate, Maritime Mutual Association Limited, was also sanctioned. The UK Office for Sanctions Implementation (“OFSI”) has issued a licence, which expires on 9 April 2026, allowing for the winding down of insurance policies written by Maritime Mutual entities and their subsidiaries before the sanctions announcement.
