On November 25, the United Kingdom imposed sanctions on Russian insurance companies VSK and ALFASTRAKHOVANIE PLC.
The justifications for these sanctions are that each of these companies has obtained benefits from the Russian government or provided support to it through business in a sector important to the government, namely the financial services sector.
VSK Insurance House has been operating since 1992 and has over 33 million individual customers and 500k legal entities. Its net profit for 2023 was 11.7 billion rubles, which is about 101 million euros.
ALFASTRAKHOVANIE PLC is the largest private insurance company in Russia, according to Forbes magazine. In December 2023, due to the Russian invasion of Ukraine, the Alfastrachovanie group was included in the sanctions lists of the European Union and Switzerland. The EU noted that the company had concluded insurance contracts with the Rosgvardia and the Ministry of Defense of Russia, as well as enterprises of the military-industrial
