AM Best announced it has suspended all commercial activities to clients in Russia and has withdrawn all credit ratings on Russia-based re/insurance companies, subject to sanctions imposed by the European Union (EU) and in advance of the EU’s April 15, 2022 deadline.

In addition, AM Best has terminated the provision and redistribution of all information products and services to clients in Russia with immediate effect.

AM Best’s announcement follows last week’s decision by S&P Global Ratings to withdraw ratings on Russian entities.

“On March 9, 2022, S&P Global Ratings announced the suspension of its commercial operations in Russia,” said S&P in a statement on March 21.

“Following that, on March 15, 2022, the European Union (EU) announced a ban on providing credit ratings to legal persons, entities or bodies established in Russia,” S&P added. “In light of this, S&P Global Ratings will withdraw all of its outstanding ratings on relevant issuers before April 15, 2022, the deadline imposed by the EU.”

Source: AM Best and S&P Global Ratings