The Kremlin announced that Russian President Vladimir Putin has signed a law to ratify the creation of the Eurasian Reinsurance Co.
The Eurasian Economic Union (EAEU) agreed in October 2022 to form the company, which is intended to facilitate investment, trade and economic relations between EAEU member countries and other countries by reinsuring exports and investments against business or political risks.
The EAEU consists of five member states: Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
EAEU members have agreed to capitalize the reinsurer with contributions totaling 15 billion rubles or roughly $2 billion.
At the EAEU conference in May, Putin said the reinsurer will “make it possible to boost investment in EAEU markets and in other countries.”
Putin welcomed the new entity as part of efforts to “create a Eurasian consortium of national development institutions, which will become a platform for sharing experiences and best practices, provide support to entrepreneurs from our countries, and allow us to develop common approaches to promoting promising cooperation projects.”
The reinsurer is expected to be operational later this year, Russian news agency Tass reported.
Topics Reinsurance Russia
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