London has announced its decision to prohibit Russian entities in the aviation and space industries from accessing its insurance market as part of sanctions against Moscow for invading Ukraine. “The UK Government will bring in legislation to prohibit UK-based insurance and reinsurance providers from undertaking financial transactions connected with a Russian entity or for use in Russia,” the treasury department said on March 3. “Further details of the legislation will be available in due course. Coupled with similar actions by the EU, this move further isolates Russia’s economy from the international financial system,” it said, adding that the sanctions demonstrate the UK’s “commitment” to subject Russia to “severe economic sanctions.” The UK is a leader in insurance and reinsurance services with firms like Lloyd’s of London, a major player in aviation insurance. Insurance services for marine, aviation, and transport netted Lloyd’s 3 billion pounds ($4.01 billion) in gross written insurance premium …