Will firms leaving Russia be cushioned by insurance?

A woman walks past a closed KFC restaurant in a shopping mall in Moscow, Russia, in this March 21 2022 file photo. REUTERS/MAXIM SHEMETOV

Berne Union, a trade association representing political risk insurers, estimated that $1bn in new political risk insurance was written in Russia in 2020, its most recent data. Insurers are most likely to pay claims for revenues earned in Russian roubles that are no longer convertible to foreign currency, said legal experts.Russia could take action that would support claims that assets are being seized. Last week, Russian President Vladimir Putin signed into law a measure that allows the country to place planes leased from foreign companies on Russia’s aircraft register.

Russia’s ruling United Russia party said in early March it was considering a proposal to nationalise foreign-owned firms that left the country. If enacted, this measure could also support claims for insurance.A company can look to trade agreements signed by Russia which provide for arbitration when government actions damage foreign investment.

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