UK firms hit by effects of Russian sanctions since start of war in Ukraine, according to survey from insurance buyer Mactavish

Nearly two-thirds of UK firms have been hit by the effects of Russian sanctions since the start of the war in Ukraine, data shows.

A survey from insurance buyer Mactavish reported that 71 per cent of British businesses had assets that have been directly affected by sanction measures imposed on Russia.

Mactavish CEO Bruce Hepburn said the pandemic and the war ‘have exposed the severe limitations in the [insurance] industry, characterised by more cover restriction, less capacity, higher prices and more disputes’.