Russian market News

Update – Italy’s Generali Eyes €2 Billion Acquisition in Russia: Source

MILAN – Italy’s top insurer Generali is considering an acquisition in Russia worth about 2 billion euros ($2.4 billion), although the project is still at a very early stage, a source close to the situation said on Wednesday, confirming a …

Russian Mining Giant Nornickel Fined $2 Billion for Huge Arctic Fuel Spill

MOSCOW – Russian mining giant Norilsk Nickel was fined $2 billion on Friday for the damage caused by a huge fuel spill last year in the country’s worst environmental disaster in the Arctic. The leakage in May of 21,000 tonnes …

Cyber Attacks Cost Russian Companies and Citizens $49B in 2020: Sberbank

MOSCOW – Cyber attacks have cost Russian companies and citizens up to 3.6 trillion roubles ($49 billion) this year, the country’s largest lender Sberbank said. Russia has encouraged its citizens to switch to bank cards and limit cash use to …

Russia Requires Firms to Develop Financial/Insurance Contingency Plans for Oil Spills

President Vladimir Putin on Monday signed legislation requiring companies involved in oil production or handling other hydrocarbons to have adequate resources for a contingency plan in the case of a spill. The law makes it mandatory for companies to have …

World’s Automakers Face Massive Disruption from Car Sharing Phenomenon

When Evgeny Barkov owned a car, the 31-year-old software salesman would often look out of his Moscow window at it with disgust. His possession sat unused more than 90 percent of time, while sucking up money and causing him anxiety …

Generali Opens Representative Office in Moscow

Generali opened a representative office of Generali in Moscow on Oct. 31, 2018, which the company said is an important milestone in its expansion in the country. The office was opened by two Generali executives: Luciano Cirinà and Giorgio Callegari. …

Russian Industrial Plants Turn to State Reinsurer to Take More Risk after U.S. Sanctions

Dozens of industrial plants in Russia have turned to the state’s reinsurance company for cover after an extension of U.S. sanctions made it difficult to get reinsurance elsewhere, the head of that firm told Reuters. The Russian National Reinsurance Co. …

Russia’s Insurers May Need More State Bailouts, Says Insurance Association Chief

Russia’s banking crisis and a weak economy could spell more trouble for its insurance sector, requiring further state support following the bailout of top insurer Rosgosstrakh last year, the head of the country’s main insurance lobby said. Russia’s financial industry …