Japan has stopped insuring its companies operating in Russia

Japanese property insurance companies suspend concluding and renewing contracts with Japanese companies operating in Russia Kyodo with reference to resources. This happened against the background of sanctions imposed on the Russian Federation due to a military operation in Ukraine.

According to the agency, we are talking mainly about Tokio Marine Nichido insurance company. As Kyodo explains, Japanese companies can still sign contracts with Russian insurance companies, but it can cost them more. They may also face a reduction in insurance coverage, which makes it difficult for them to operate in Russia. According to Tokyo Shoko Research, about 200 Japanese companies were operating in Russia as of March.

Vladimir Putin announced a military operation in Ukraine on February 24. European Union countries, the United States, the United Kingdom, Canada and Japan have already introduced several anti-Russian sanctions packages in response. Yesterday, April 8, Japanese Prime Minister Fumio Kishida announced his intention to freeze the assets of Sberbank and about 550 Russian individuals. Japan will ban new investments in the Russian Federation, import many products from there and will also reject Russian coal.

Read more about the sanctions in “Kommersant” “Europe has unpacked the package.”

Laura Keffer

Elliot Frost

"Pop culture maven. Analyst. Writer. Wannabe food evangelist. Organizer. Friendly internet lover. Incurable troublemaker. Entrepreneur."

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