Allianz and Swiss Re say they are cutting back on Russian business as European financial institutions turn their backs on Russia. RussiaUkraineCrisis
Allianz said it had put a stop to insuring new business in Russia and was no longer investing in Russia for its own portfolio.
Insurer Zurich no longer takes on new domestic customers in Russia and will not renew existing local business, a spokesperson told Reuters on Monday. Asset managers have said they will not make new investments in Russia and many Russian-focused funds have frozen because they are unable to trade following the sanctions and countermeasures taken by Russia.
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