Japanese non-life insurers suspends contracts for firms operating in Russia

The suspension comes after Russia designated Japan as ‘unfriendly’ last month.

Non-life insurers in Japan have suspended undertaking new business for domestic firms operating in Russia, according to a report by Kyodo News.

Sources said insurers such as Tokio Marine & Nichido Fire Insurance Co. will not renew existing contracts after their terms have expired.

The suspension comes at the back of Russia designating Japan as an ‘unfriendly’ country last month along with several other countries because of economic sanctions leveled at Russia for its invasion of Ukraine. Because of the ‘unfriendly’ designation, companies from Japan will be required to gain government approval from Russia before doing business deals in the country.

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