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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vancouver Russian business sends support to Ukraine amid harassment, threats | Globalnews.caThe Russian Spoon bakery says it was forced to cover up the word 'Russian' in its name after being targeted by people who have associated it with the Russian invasion of Ukraine. People are so stupid. This is no different than when people were harassing and threatening Chinese people at the beginning of the pandemic. They have nothing to do with the war and, unless they're openly supporting Putin, don't deserve such treatment.
Source: GlobalNational - 🏆 81. / 51 Read more »