Bank of England studies insurer exposure to Russian sanctions

The Bank of England said on Wednesday Mar. 2 it was examining exposures of Britain’s insurers to fallout from financial sanctions on Russia and also issued a reminder of the need to have proper defences against cyber attacks.

Britain, the European Union, United States and other countries have agreed on a welter of sanctions on Russian banks and its central bank following Russia’s invasion of Ukraine.

Heightened geopolitical tensions have raised fears of cyber attacks on western financial institutions.

Aviva CEO Amanda Blanc said on Wednesday that the insurer’s fund unit had a very small exposure to Russia and it was looking to divest.