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

Russian President Vladimir Putin has signed a law prohibiting the country’s insurers from completing transactions with insurers, reinsurers and brokers of “unfriendly states”.

The new law also gives the Bank of Russia board of directors the authority to decide on the risks that are not subject to transfer by an insurer to a Russian national reinsurance company for reinsurance.

The board is also authorised to determine the data that financial entities can disclose to the public at large to prevent the information from being used by “unfriendly states” to impose sanctions.

Among the countries deemed “unfriendly” by Russia are the US, UK, EU states, Canada, Japan, South Korea, Australia, New Zealand, Singapore, and Taiwan, among others, reported TASS.

“The Federal Law is aimed at ensuring the financial stability of the Russian Federation due to the hostile moves by foreign states and international organisations and introduces a special regulation of relations in the financial market and corporate relations for the period until 31 December 2022,” the Russian government said.

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The US and its NATO allies have targeted Russia with unprecedented sanctions after Moscow invaded Ukraine by land, sea, and air.

The war has pushed several Western insurers and reinsurers to abandon their operations in Russia.

Most recently, Swiss Re, Allianz and Zurich Insurance decided to stop onboarding new customers in Russia and paused their existing businesses.

Italy’s Generali, Willis Towers Watson and its peer Marsh McLennan have announced plans to shutter their Russian operations, while Aon paused its operations there.