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April 1, 2022

Ukraine urges nuclear risk insurers to cut business ties with Russia, Belarus

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

The National Bank of Ukraine has urged nuclear risk insurers to sever all business ties with Russia and Belarus.

In a letter sent to the Nuclear Risk Insurers (NRI) and the global Nuclear Insurance Pool (NIP), the NBU has asked them to stop doing business with the nuclear insurance pools and insurance companies based in Russia and Belarus.

The NBU also expressed hope for continued cooperation between global NRIs and NIPs in Ukraine.

In the wake of the full-scale Russian invasion of Ukraine, it has become increasingly difficult to reinsure nuclear risks in Ukraine. 

Notably, the nuclear power plants based in Chernobyl and Zaporizhzhia are currently under Russian control. 

Furthermore, the invasion poses threat to the Neutron Source research facility and the nuclear storage facility of the Kharkiv Institute of Physics and Technology. 

 The NBU said that “nuclear risks may surge in the short run.” 

“It, therefore, is vital that insurers cover the reinsurance risks associated with all nuclear facilities based in Ukraine. This will give these facilities the financial protection they urgently need today,” it added.

 NBU Governor Kyrylo Shevchenko said: “With the tragedies of Chernobyl and Fukushima-1 still fresh in our memory, the international community must not ignore Russia’s criminal acts against Ukraine’s nuclear facilities. The aggressor is literally exposing all mankind to the danger of a nuclear meltdown. 

“We urge you to ramp up international pressure on Russia and Belarus by saying a firm “no” to deliberate threats by these aggressor countries to damage civilian nuclear facilities in Ukraine.”

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