Allianz, Swiss Re join other financial firms in turning from Russia



* Allianz says stopped insuring new business in Russia

* Swiss Re says not renewing business with Russian clients

* Europe's securities regulator says ensuring orderly markets

* Deutsche changes position late on Friday

* FTSE Russell ejects four UK-listed, Russia-focused stocks

By Tom Sims, Simon Jessop and Paul Arnold

FRANKFURT/LONDON/ZURICH, March 14 (Reuters) - Allianz ALVG.DE and Swiss Re SRENH.S said on Monday they were cutting back on Russian business as European financial institutions turn their backs on Russia.

The German insurer and Swiss reinsurer join banks Deutsche DBKGn.DE , Goldman Sachs GS.N and JPMorgan Chase JPM.N which have exited Russia following its Feb. 24 invasion of Ukraine and subsequent Western government sanctions.

The moves will pile pressure on others to follow.

Allianz said it had put a stop to insuring new business in Russia and was no longer investing in Russia for its own portfolio.

Swiss Re said it was not taking on new business with Russian and Belarusian clients and was not renewing existing business with Russian clients. In a statement sent via email, Swiss Re said it was reviewing its current business relationships in Russia and Belarus.

The decisions follow similar action by other major European insurers and reinsurers, which provide cover for large projects such as energy installations.

Insurer Zurich ZURN.S no longer takes on new domestic customers in Russia and will not renew existing local business, a spokesperson told Reuters on Monday.

Hannover Re HNRGn.DE said last week that new business and renewals for customers in Russia and Belarus were on hold, while Italian insurer Generali GASI.MI said earlier this month it would pull out of Russia.

Insurance broker Willis Towers Watson WTY.F also said on Sunday it would withdraw from Russia, following similar moves by rivals Marsh MMC.N and Aon AON.N .

Asset managers have said they will not make new investments in Russia and many Russian-focused funds have frozen because they are unable to trade following the sanctions and counter-measures taken by Russia.

The European Union's markets watchdog ESMA said on Monday it was coordinating the bloc's regulatory response to the Ukraine conflict to ensure markets continued to function in an orderly manner.

Britain's pensions regulator said the sector had little direct exposure to Russia, but that there were practical difficulties in selling Russian assets.

Ukraine said on Monday it had begun "hard" talks with Russia on a ceasefire, immediate withdrawal of troops and security guarantees after both sides reported rare progress in negotiations at the weekend, despite Russian bombardments.

Russia calls its actions in Ukraine a "special operation".

WINDING DOWN

Deutsche, which had faced stinging criticism from some investors and politicians for its ongoing ties to Russia, announced late on Friday that it would wind down its business there.

It was a surprise reversal by the Frankfurt-based lender, which had previously argued that it needed to support multinational firms doing business in Russia.

Britain's London Stock Exchange Group also said late on Friday it was suspending all products and services for all customers in Russia, days after suspending the distribution of news and commentary in the country following new laws in Moscow.

Index provider FTSE Russell said on Monday it would delete four UK-listed, Russia-focused companies including Roman Abramovich's Evraz EVRE.L after many brokers refused to trade their shares.

Evraz, along with Polymetal International POLYP.L , Petropavlovsk POG.L and Raven Property Group RAV.L , would be deleted from all FTSE's indexes during the March review, it said in a statement.

FTSE Russell said it had received feedback from its External Advisory Committees and market participants that trading in the shares was "severely restricted" as brokers refused to handle the securities, hitting market liquidity.

JPMorgan says the majority of forecast risk for European banks from the Russia shock will come from commodity and economic spillover effects, with the sector plunging since the end of February.

European banking stocks .SX7P have come off their lows in recent days, however, and rose 3.8% on Monday.


Additional reporting by Marc Jones, Iain Withers and Joao Manuel Mauricio, Writing by Carolyn Cohn, Editing by Catherine Evans

Isenção de Responsabilidade: As entidades do XM Group proporcionam serviço de apenas-execução e acesso à nossa plataforma online de negociação, permitindo a visualização e/ou uso do conteúdo disponível no website ou através deste, o que não se destina a alterar ou a expandir o supracitado. Tal acesso e uso estão sempre sujeitos a: (i) Termos e Condições; (ii) Avisos de Risco; e (iii) Termos de Responsabilidade. Este, é desta forma, fornecido como informação generalizada. Particularmente, por favor esteja ciente que os conteúdos da nossa plataforma online de negociação não constituem solicitação ou oferta para iniciar qualquer transação nos mercados financeiros. Negociar em qualquer mercado financeiro envolve um nível de risco significativo de perda do capital.

Todo o material publicado na nossa plataforma de negociação online tem apenas objetivos educacionais/informativos e não contém — e não deve ser considerado conter — conselhos e recomendações financeiras, de negociação ou fiscalidade de investimentos, registo de preços de negociação, oferta e solicitação de transação em qualquer instrumento financeiro ou promoção financeira não solicitada direcionadas a si.

Qual conteúdo obtido por uma terceira parte, assim como o conteúdo preparado pela XM, tais como, opiniões, pesquisa, análises, preços, outra informação ou links para websites de terceiras partes contidos neste website são prestados "no estado em que se encontram", como um comentário de mercado generalizado e não constitui conselho de investimento. Na medida em que qualquer conteúdo é construído como pesquisa de investimento, deve considerar e aceitar que este não tem como objetivo e nem foi preparado de acordo com os requisitos legais concebidos para promover a independência da pesquisa de investimento, desta forma, deve ser considerado material de marketing sob as leis e regulações relevantes. Por favor, certifique-se que leu e compreendeu a nossa Notificação sobre Pesquisa de Investimento não-independente e o Aviso de Risco, relativos à informação supracitada, os quais podem ser acedidos aqui.

Usamos cookies para lhe dar a melhor experiência no nosso website. Ler mais ou alterar as configurações de cookies.

Aviso de risco: O seu capital está em risco. Os produtos alavancados podem não ser adequados para todos. Recomendamos que consulte a nossa Divulgação de Riscos.