Chinese insurer PICC P&C shrugs off sanctions on Russia

The insurer says their business is unaffected.

The Chinese state-controlled insurer PICC Property and Casualty Co. Ltd. (PICC P&C) said its business is not affected by sanctions on Russia so far, a report by Reuters said.

In an email to Reuters, PICC P&C said it only has insurance business from some Chinese companies with assets in Russia and Ukraine, the scale of which was small.

PICC P&C is one of the eight Chinese financial institutions with operations in Russia, according to a list on the website of the Embassy of China in Russia.

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