Munich Re not to renew expiring contracts with Russian clients or sign new ones

MOSCOW. March 16 (Interfax) - Germany's Munich Re, a leading global reinsurance company, will gradually wind down its business in Russia and Belarus, according to a statement issues by the company.

Munich Re has made a decision not to renew expiring contracts with clients in Russia and Belarus and suspend new deals in those countries.

"Munich Re will only make exceptions to this rule - sanctions regulations permitting - if the suspension of business negatively affects persons or companies in need of protection," the statement reads.