Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict


Ukraine has urged regulators of European nations to help insurers and other financial services providers to exit Russia and Belarus.

The appeal by the National Bank of Ukraine is directed at the nonbank financial market regulators of Austria, Bulgaria, and Latvia.

The move seeks to reduce reputational risk of Ukrainian insurers and other entities that are part of international insurance and financial group. 

It will also act as a means to further isolate Russia and Belarus internationally, the NBU noted. 

NBU governor Kyrylo Shevchenko said: “The push to isolate Russia and Belarus from the world insurance market and the market for other nonbank financial services is an important component of our victory. Any cooperation with these countries means helping them finance their war crimes and terrorist acts against civilians. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We call on the regulators and participants of the global insurance market and other nonbank financial markets to sever all contacts with the aggressor countries and to help Ukraine in its quest for peace and freedom.”

Earlier, the NBU had reached out to entities operating in Ukraine including Eleving Group, Euroins Insurance Group AGVienna Insurance Group and Euroins Insurance Group, to suspend operations in Russia and Belarus.

Notably, the sanctions imposed on Russia by the US-led alliance has forces western firms including insurers to reduce their exposure to Russia.

Earlier this month, media reports emerged that insurance giant AIG could withdraw cover for clients operating in Russia and Ukraine. 

Last month, Ukraine urged nuclear risk insurers to cut all business ties with Russia and Belarus.

Before that, the country had appealed marine insurers to sever business ties with shipping firms carrying Russian energy exports.