British insurers provided coverage for the transportation of more than 100 million tonnes of Russian coal last year, according to a joint investigation by two European research groups that accuse the UK of undermining its own sanctions policy.
The analysis by the Centre for Research on Energy and Clean Air (CREA) and energy news outlet Montel claims that UK Protection and Indemnity clubs insured 60% of Russia's seaborne coal exports in 2025, up from 52% in 2021. The groups estimate the shipments were valued at €15.1 billion (£13.01 billion).
CREA is a Helsinki-based nonprofit think tank founded in 2019 that has been actively tracking Russian fossil fuel exports since the invasion of Ukraine. Montel is a fully independent European energy news and data provider founded in 1989 with no positions in the markets it covers.
According to the investigation, the largest providers were the London P&I Club at 37% and West of England Shipowners at 36%. NorthStandard accounted for 14%, followed by UK P&I Club at 10% and Britannia Steam Ship Insurance Association at 2%.
The groups claim nearly 40% of the coal was destined for China.
Isaac Levi, lead for CREA's Europe-Russia Policy and Energy Analysis Team, said: "Despite UK prime minister [Keir Starmer's] desire to crush Putin's war machine via tough sanctions on Russia, the UK enables its world-leading insurance companies to facilitate the majority of Russia's seaborne coal exports."
Russia's overall coal exports have fallen since the invasion. According to data from Russia's Ministry of Energy, coal sales shrank by 7.9% to 196.2 million tonnes in 2024.
Following the EU embargo, Russian exports shifted dramatically eastward – from two-thirds going to Asian markets in 2022 to about 84% in 2023. China and India now account for 45% and 18% respectively of total Russian coal sales.
The EU and UK both banned imports of Russian coal in mid-2022. However, UK sanctions do not prohibit British firms from providing insurance for Russian coal exports to third countries.
Under the G7 price-cap regime, tankers transporting Russian oil can only access UK insurance if shipments meet price restrictions.
The UK has also announced a ban on providing insurance for Russian gas shipments, effective 2027.
In November 2025, Foreign Secretary Yvette Cooper announced that British insurers would be barred from servicing tankers carrying Russian LNG, with the prohibition introduced in stages through 2026.
Labour MP Alex Sobel, chair of the All-Party Parliamentary Group on Ukraine, described the findings as "deeply alarming." He added: "The UK government needs to move to an insurance ban on shipping used to move Russian hydrocarbons and I will be asking them to do so."
Of the insurers contacted by Montel, two responded while others declined to comment. Tony Paulson of the West of England P&I Club said: "Where the carriage of coal from Russia to countries outside the EU is lawful, then cover will remain in place on condition that our members comply fully with the applicable sanctions regime(s)."
A representative of the London P&I Club said P&I clubs offer marine insurance on an annual and worldwide basis and "do not offer specific insurance based on country or cargo."
