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The Federation of European Risk Management Associations said Wednesday it has suspended Russian member RusRisk.
The decision was taken “in light of the extensive sanctions imposed on Russian organizations and individuals,” the Brussels-based risk management association said in a statement.
“The board concluded that this decision was in the best interest of FERMA in the current circumstances,” President Dirk Wegener said.
FERMA said it strongly condemns Russia’s invasion of Ukraine.
The Federation of European Risk Management Associations is encouraging national jurisdictions to adopt a consistent framework to implement the Organization for Economic Co-operation and Development’s recommendations on base erosion and profit shifting in evaluating captive owners’ decision-making processes and motivations.
Public-private partnerships key to covering pandemic risks: FERMA
Almost $6 billion worth of renewable energy sites at risk of Russian attacks
Ukraine-Russia war to hit insurers, reinsurers in different ways