VSK, AlfaStrakhovanie added to UK sanctions list

MOSCOW. Nov 25 (Interfax) - The UK has imposed sanctions on two major Russian insurance companies.

VSK and AlfaStrakhovanie are under British restrictions from November 25, the British government said.

AlfaStrakhovanie has been under EU sanctions since December 2023, VSK has not been under restrictions of key jurisdictions until now.

"Neither the UK, nor Europe have introduced sanctions against the company VKS yet," VSK Insurance told Interfax.

"Observing the inclusion of some large insurers in the sanctions list over the past few years, we understood that the scenario of VSK being included in it as a systemic company in the sector is quite possible, therefore, we prepared all necessary measures to react in advance, we had enough time for that. Therefore, the restrictions will not reflect in any way on the financial stability and solvency of VSK Group and VSK Insurance. All of the company's reserves have been placed in reliable assets on the territory of the country. We have a sufficient amount of ruble and forex liquidity, and capital sufficiency exceeds the requirements of the Bank of Russia. The fulfilment of all reinsurance obligations is guaranteed by the Russian National Reinsurance Company," VSK said.

All companies of VSK Group "continue working normally, conducting transactions to sign and settle insurance events. Our products and services are fully available, the offices are working according to their normal schedules," the company said.