Stop Doing
Business with Russia
Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exit Completed
Stop underwriting new insurance & stop renewals. French insurer AXA supports the main importer of Russian gas into Europe. Despite the war in Ukraine, French giant AXA is still providing insurance cover to Belgium’s Fluxys, which imports into France and Belgium gas held by oligarchs accused of funding Russia’s war effort, according to documents obtained by Disclose and NGO Reclaim Finance.
In the near future, a new foreign insurer will enter the Russian market - a subsidiary company LLC Insurance Company "MIRAN" registered by Mir Business Bank (a Russian entity of the Iranian Bank Melli Iran). According to experts, the company is likely to focus on insuring the risks of foreign economic activities of companies from Russia and Iran. However, it may also be of interest to the market as a gateway to Iranian reinsurance capacities.
Keeps insuring Russian crude oil tankers
The company's Exhibit 21 filed with the SEC in 2025 indicates that the company maintains 3 Russian subsidiaries (JSC Russian Reinsurance Company, LLC Chubb Life Insurance Company, LLC Chubb Insurance Company).
The North Korean insurance company plans to enter the Russian market. Future Re Company will be engaged in reinsurance of property against emergencies, marine insurance and insurance of construction and installation risks. Russian players were not interested in the proposals of Future Re Company.
Many tankers insured by Maritime Mutual have been subject to sanctions by Western countries, which have launched investigations into its activities. Maritime Mutual-insured vessels transported at least $16.7 billion worth of oil and petroleum products from Russia.
At least 76 tankers from Russia’s shadow fleet were allowed to pass freely through NATO waters in the Baltic Sea thanks to a scheme involving fake insurance certificates. The documents were issued by a shell company called Ro Marine, which posed as Norwegian but was actually owned by a Russian. Journalists found out that the company had no financial transactions and only one person on its staff – an unnamed board member with Bulgarian citizenship. The company’s owner, 41-year-old Andrey Mochalin, worked for many years in the Norwegian insurance industry but now lives in St. Petersburg.
Japanese companies Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance initially promised to stop war risk insurance for ships passing through Russian waters from January 1, 2023. But on 30.12.2022 the largest Japanese insurance companies have decided to continue the insurance of military damage vessels in Russian waters at least until March 2023.
Keeps insuring Russian crude oil tankers
Keeps insuring Russian crude oil tankers
Keeps insuring Russian crude oil tankers
Keeps insuring Russian crude oil tankers. Five insurers, including American Club, Luxembourg-headquartered West of England and Norway's Gard, have covered 10 tankers that have left Russia for Asia this year.