Munich Re suspends new business and swears off renewals for Russia & Belarus

Munich Re has suspended new business in Russia and Belarus and will refrain from renewing existing business in those countries,  Munich Re said in a statement.

" Munich Re will not renew existing contracts in Russia and Belarus, and new business has been suspended," the firm said. "The Group will do the same with its investments in the region."

Munich Re could consider exceptions if sanctions allow and "if the suspension of business negatively affects persons or companies in need of protection".

Munich Re supports the international regime of sanctions against Russia and Belarus "also in the knowledge that they will not remain without consequences for our economies," CEO Joachim Wenning (pictured) was quoted saying.

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