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Chinese authorities have asked key state-owned insurers to review and report their exposure to Russia and Ukraine, Reuters reported citing sources. 

The move follows severe sanctions imposed by several countries on Russia after it invaded Ukraine last week and increasing concerns of economic impact on the two economies, the sources said. 

The regulators have asked at least two large government-backed insurers to review their business and investment portfolios’ exposure to Ukraine and Russia, they added. 

One of the insurers was asked to conduct urgent checks and report projects “involved in dealings between Ukraine and Russia”.

Another insurer received a similar request from regulators and has been asked to submit the report by Friday.

Other than Russia, the insurance firms have been asked to report their investment and business in Belarus.

Regulators’ other demands include assessing the impact of sanctions and presenting a contingency plan, the documents seen by the news agency read.

The information sought by Beijing also covers insurers’ exposure to Donetsk and Luhansk, the breakaway regions in eastern Ukraine, exposure to Russia’s sovereign debt and energy sectors such as oil and gas. 

China Life Insurance, China Pacific Insurance Group, and People’s Insurance Company Group of China are the key insurance firms in the country. 

Notably, China has said it will continue to have normal trade and economic relationship with Russia despite ongoing tensions. 

It is not clear what China plans to do with the information provided by insurers.