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Russian reinsurer added to latest European Union sanctions list

Posted On: Feb. 28, 2023 9:52 AM CST


The European Union has added Russian National Reinsurance Co. JSC to its latest sanctions list for its role as the main reinsurer of Russian ships transporting oil, TradeWinds reported. The central bank has increased authorised capital to RNRC to 300 billion Russian rubble ($3.98 billion) since Russia’s invasion of Ukraine. RNRC’s reinsurance service has helped the government to mitigate the impact of Western sanctions on its oil trade.