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April 29, 2022

Ukraine asks European regulators to aid insurers in exiting Russia, Belarus

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. 

“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. 

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