This is how insurance and international arbitration might soften the blow to these companies
A woman walks past a closed KFC restaurant in a shopping mall in Moscow, Russia, in this March 21 2022 file photo. REUTERS/MAXIM SHEMETOV
Berne Union, a trade association representing political risk insurers, estimated that $1bn in new political risk insurance was written in Russia in 2020, its most recent data. Insurers are most likely to pay claims for revenues earned in Russian roubles that are no longer convertible to foreign currency, said legal experts.Russia could take action that would support claims that assets are being seized. Last week, Russian President Vladimir Putin signed into law a measure that allows the country to place planes leased from foreign companies on Russia’s aircraft register.
Russia’s ruling United Russia party said in early March it was considering a proposal to nationalise foreign-owned firms that left the country. If enacted, this measure could also support claims for insurance.A company can look to trade agreements signed by Russia which provide for arbitration when government actions damage foreign investment.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ukraine crisis: Ukraine appeals to Russia over plight of devastated MariupolUkraine appealed to Russia on Tuesday to allow humanitarian supplies into Mariupol and to let desperate civilians out of the besieged city which President Volodymr Zelenskiy said had been devastated by Russian bombardments.
Read more »
Russia-Ukraine: Speaker Mapisa-Nqakula toes the party line at international event | News24National Assembly Speaker Nosiviwe Mapisa-Nqakula toed the party line at an international event, where she said it would be 'wrong' to blame only one country for Russia's invasion of Ukraine. | gerbjan
Read more »
IN PICTURES | Malema uses human rights day to promote Russia and denounce ANCOpposition politician Julius Malema denounces Operation Dudula, defends Russia and attacks ANC.
Read more »
Russia bans ‘extremist’ platforms Facebook and InstagramEarlier in March, Russia passed a law punishing the intentional spreading of what the authorities deem ‘fake’ news with up to 15 years in prison
Read more »
Oil extends rally on Russia embargo talk, stocks riseOil prices extended their rally on supply worries as European leaders debated banning imports from Russia.
Read more »
Stocks rise as oil extends rally on Russia embargo talkBoth main crude contracts started the week by soaring more than seven percent on Monday as EU nations discussed following Washington and putting an embargo on Russian energy imports over its war in Ukraine.
Read more »