The NBU has called on the regulators of the nonbank financial market of Austria, Bulgaria, and Latvia to support efforts by international insurance and other nonbank financial groups to exit the markets of russia and belarus.
On the one hand, this will reduce reputational risks for Ukrainian insurers and other financial institutions that are members of international insurance and financial groups. On the other hand, this will come as another important step towards the international isolation of the aggressor countries.
“The push to isolate russia and belarus from the world insurance market and the market for other nonbank financial services is an important component of our victory. Any cooperation with these countries means helping them finance their war crimes and terrorist acts against civilians. We call on the regulators and participants of the global insurance market and other nonbank financial markets to sever all contacts with the aggressor countries and to help Ukraine in its quest for peace and freedom,” said NBU Governor Kyrylo Shevchenko.
As previously reported, the NBU has appealed to international nonbank financial groups (Euroins Insurance Group, Eleving Group, UNIQA Insurance Group AG, Vienna Insurance Group) operating in Ukraine to suspend their activities in the russian federation and the republic of belarus.