Munich Re has announced it will not renew existing contracts in Russia and Belarus and has suspended all new business.
The group added it will do the same with its investments in the region and will only make exceptions to this rule – sanctions regulations permitting – if the suspension of business negatively affects persons or companies in need of protection.
Munich Re further condemned Russia’s attack on Ukraine and said it supports the sanctions that have been imposed.
It is also making a contribution to alleviating the plight of Ukrainian war refugees.
The group, which donates to international aid organisations such as Save the Children, Red Cross, and SOS Kinderdörfer, added that as people are primarily fleeing the battle zone via the Polish border, it is currently concentrating its aid on this region.
Commenting further, Joachim Wenning, CEO at Munich Re, said: “The events of the last few days have shaken us all deeply. Especially at this moment, it is the task of all peace-loving people to show unity and support.
“Our full solidarity goes out to the people affected in Ukraine and their families. Munich Re stands for a peaceful and democratic world. Russia’s invasion is an act contrary to international law,” Wenning added.
“The attempt to place the law of the strongest above international law is completely unacceptable.
“We expressly support the sanctions initiated by the Western community of shared values – also in the knowledge that they will not remain without consequences for our economies.”
The past fortnight has seen global consultancies WTW and Marsh McLennan cease operations in Russia, while Aon have suspended operations.