Swiss Re has announced that it will not undertake new activities with Russian and Belarusian citizens, and that it will not renew existing ones with Russian customers, as European financial institutions turn their backs on Russia.
The reinsurance company is added to the list of other banks such as Deutsche Bank, Goldman Sachs, JP Morgan Chase, which have left Russia after its invasion of Ukraine and the subsequent Western sanctions.
These moves will increase the pressure on other organizations to follow.
In a statement, Swiss Re said it was reviewing its current business relations in Russia and Belarus. The decision comes after similar moves by major European insurance and reinsurance companies, which offer coverage for major projects, such as energy installations.
Zurich Insurance also no longer takes on new clients in Russia and will not renew existing operations, a spokesman told Reuters.
Hannover Re announced last week that new activities and renewals (of contracts) of customers in Russia and Belarus are on hold, while the Italian generali has stated that it will leave Russia.
Corresponding departure moves were announced by insurance companies Willis Towers Watson, Marsh and Aon.
Fund managers have stated that they will not proceed with new investments in Russia and many funds with a focus on Russia have been “frozen” because they are unable to negotiate after sanctions and countermeasures by Russia.
Source: Capital
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