Insurance broker Marsh to exit Russia

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A view shows the state flag of Russia before a meeting of Russian President Putin with French President Macron in St. Petersburg

– Marsh & McLennan, the world’s largest insurance broker, said on Thursday it will exit all of its businesses in Russia.

“We intend to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market,” Chief Executive Officer Dan Glaser said in a statement.

The move comes as operating in Moscow has been increasingly difficult for Western financial institutions amid international sanctions against Russia.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)

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