Allianz, Swiss Re Join Other Financial Firms In Turning From Russia

Allianz (ALVG.DE) and Swiss Re (SRENH.S) said on Monday they were cutting back on Russian business as European financial institutions turn their backs on Russia.

The German insurer and Swiss reinsurer join banks Deutsche (DBKGn.DE), Goldman Sachs (GS.N) and JPMorgan Chase (JPM.N) which have exited Russia following its Feb. 24 invasion of Ukraine and subsequent Western government sanctions.

The moves will pile pressure on others to follow.

Allianz said it had put a stop to insuring new business in Russia and was no longer investing in Russia for its own portfolio.

Swiss Re said it was not taking on new business with Russian and Belarusian clients and was not renewing existing business with Russian clients. In a statement sent via email, Swiss Re said it was reviewing its current business relationships in Russia and Belarus.