Russian insurers are no longer allowed to do business with insurers, reinsurers and brokers from states deemed hostile to Russia.
This decision follows a wave of economic sanctions imposed by Western countries on Russia after the outbreak of the Russian-Ukrainian war.
The countries involved include the United Kingdom, the United States, Japan, South Korea, Australia, New Zealand, Switzerland, Singapore, Taiwan and all European Union (EU) states. The legislation signed by President Putin also gives the Bank of Russia’s Board of Directors the authority to decide which bonds are not subject to transfer by an insurer to a national insurance or reinsurance company.
The bank is also authorized to determine the data that financial organizations have the right to withhold from the general public. The aim is to prevent hostile states from imposing sanctions using such data.
Several European and American insurance companies have declared the suspension of their activities with Russian companies. They include Swiss Re, Hannover Re, Allianz, Zurich Insurance, Generali, Willis Towers Watson (WTW), Marsh McLennan and Aon.