Allianz and Swiss Re join other financial firms in cutting back on Russian business

Allianz and Swiss Re said on Monday they were cutting back on Russian business as European financial institutions turn their backs on Russia.

The decisions follow similar action by other major European insurers and reinsurers, which provide cover for large projects such as energy installations. Insurance broker Willis Towers Watson also said on Sunday it would withdraw from Russia, following similar moves by rivals Marsh and Aon. Britain’s pensions regulator said the sector had little direct exposure to Russia, but that there were practical difficulties in selling Russian assets.

Britain’s London Stock Exchange Group also said late on Friday it was suspending all products and services for all customers in Russia, days after suspending the distribution of news and commentary in the country following new laws in Moscow. FTSE Russell said it had received feedback from its External Advisory Committees and market participants that trading in the shares was “severely restricted” as brokers refused to handle the securities, hitting market liquidity.

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