Prolongation of Counter-Measures in Insurance Activity

13 February 2023
Kirill Evstifeev
Legal Trainee
Nadezhda Fedotova
Associate

At the end of 2022 the Federal Law No 519-FZ dated 19.12.2022 ‘On Amendments to Certain Legislative Acts of the Russian Federation and Suspension of Certain Provisions of Legislative Acts of the Russian Federation’ was adopted, which extended numerous counter-sanctions measures. Among other things it extends  the ban on Russian insurers to conclude transactions with the following persons until 31 December 2023:

  • with insurers, reinsurers and insurance brokers from unfriendly states
  • with insurers, with reinsurers and with insurance brokers controlled by persons from unfriendly states1

However, the new provision contains an exceptionon lifting this ban for transactions related to the export of food and mineral fertilizers. Lifting the ban makes it possible to provide insurance under the ’grain deal’ between the Russian Federation and the UN.

1 Article 21 (1) (1) of Federal Law No 519-FZ dd 19.12.2022 ’On Amendments to Certain Legislative Acts of the Russian Federation and Suspension of Certain Provisions of Legislative Acts of the Russian Federation’.