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Munich Re will stop renewing existing business in Russia and Belarus and has paused new business in these countries.

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This move will see the German insurer join other insurers, reinsurers, and brokers in pulling back from Russia after Ukraine’s invasion, which was trailed by severe financial sanctions from the US and its allies.

The reinsurer will also stop making new investments in the region.

Munich Re CEO Joachim Wenning said: “Munich Re stands for a peaceful and democratic world. Russia’s invasion is an act contrary to international law. The attempt to place the law of the strongest above international law is completely unacceptable. We expressly support the sanctions initiated by the Western community of shared values – also in the knowledge that they will not remain without consequences for our economies.”

However, the firm also stated that it can make exceptions, provided that does not violate the sanctions.

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“Munich Re will only make exceptions to this rule – sanctions regulations permitting – if the suspension of business negatively affects persons or companies in need of protection,” the firm’s statement read.

Earlier this week, German insurance firm Allianz, Swiss Re and Zurich Insurance announced similar steps including halting their existing business and taking on new clients.

Firms including Italian insurance major Generali, Marsh McLennan and its peer Willis Towers Watson have decided to fully exit their Russia business.