By Favour Nnabugwu

Leading reinsurer Munich Re announced that it is withdrawing from its business in Russia because of the Ukraine war.

“Existing contracts in Russia and Belarus will not be renewed,” the Munich-based company said on its website Wednesday. The same applies to Munich Re’s investments in the region.

Exceptions will only be made if ending business “would negatively affect persons or companies worthy of protection” and provided this would be permissible under the current sanctions, the company explained.

“The events of the last few days have unsettled us all deeply,” Munich Re chief executive Joachim Wenning said in a statement. “Russia’s invasion constitutes a violation of international law.”

Munich Re also voiced its support for the sanctions imposed on Moscow by Western nations, “also in the knowledge that they will not remain without consequences for our national economies.”