Following the invasion of Ukraine just over a week ago, insurance giant Generali has decided to leave Russia.
The company will close its representative office in Moscow, after “closely monitoring the situation and implications for operations and financial markets”.
As part of the exit, Generali will resign from positions held on the board of Russian insurer Ingosstrakh, where it holds a 38.5% minority investment stake. This means the Italian firm will have no influence on the Russian company’s operations.
Additionally, Europ Assistance, a Generali subsidiary specialising in health, car and home insurance, will shut down its business in the country.
“Generali’s minor exposure to the Russian market in terms of investments and insurance business is also under constant evaluation and fully compliant with all applicable sanctions,” the firm said.
The group also decided to make a €3m (£2.5m, $3.4m) donation to support refugee programmes, including a donation to the United Nations High Commissioner for Refugees (UNHCR).
An employee donation campaign is underway as well, with the sum collected being matched 1:1 by Generali, which will be given to Unicef.