China has told top state insurers to perform urgent checks on their exposure to Russia and Ukraine, as concerns swirl about the damage to the two economies amid intense fighting, according to two sources and documents seen by Reuters.
The move was also triggered by sweeping sanctions that have been imposed by many countries on Russia, the sources said, after its invasion of Ukraine last Thursday in the biggest attack on a European state since World War Two.
China, the world's second-largest economy, has repeatedly voiced opposition to the sanctions, calling them ineffective and insisting it will maintain normal economic and trade exchanges with Russia. Another insurance company received an urgent request from its regulator this week to check the firm's exposure to the two countries and submit a report by Friday, according to the second person familiar with the matter and documents seen by Reuters.
The three insurers did not respond to Reuters request for comment on their Russia or Ukraine business interests., said on Monday it only undertook insurance business from some Chinese companies with assets in Russia and Ukraine, the scale of which was small.
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