Global ratings agency AM Best has decided to halt all commercial activities to clients in Russia and has also withdrawn all credit ratings on insurers and reinsurers domiciled in the country.
The move comes in response to sanctions imposed by the European Union (EU) and in advance of its April 15th, 2022, deadline.
Alongside the suspension of all commercial activities in Russia, AM Best has ended the provision and redistribution of all information products and services to clients in the country with immediate effect.
The announcement follows AM Best’s decision to downgrade and withdraw the credit ratings of two Russian insurance companies, with a third placed under review with negative implications.
Earlier this month, AM Best had moved its Country Risk Tier for Russia to a CRT-5 from a CRT-4 to reflect the significantly heightened geopolitical, economic and financial system risk in the country.
Other international ratings agencies have also taken action amid Russia’s ongoing invasion of Ukraine, with S&P Global Ratings previously announcing plans to withdraw all of its outstanding ratings on Russian firms.