RUSSIA: Ministry of Finance requested the Association of Professional Insurance Brokers to focus on settlements in RUB in foreign economic operations

Russian Ministry of Finance requested the Association of Professional Insurance Brokers to perform settlements in rubles in foreign economic operations, thus reducing currency risks related to use of USD and EUR given the unpredictable situation caused by international sanctions.

Insurance indemnity obligations, accepted by Russian insurers, are mostly nominated in rubles. However, when ceded in reinsurance abroad, including brokers' intermediary services, settlements with reinsurers in most cases are made in USD or EUR which leads to currency risks for Russian insurers.

Russian government emphasizes necessity to increase the volume of settlements in rubles, including settlements with reinsurers in part of insurance indemnity obligations, said the Ministry of Finance.

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