Japanese insurance companies specializing in property insurance have suspended the conclusion of new contracts and the extension of existing ones with Japanese companies operating in the Russian market in light of the tightening of anti-Russian sanctions, News.az reports citing RIA Novosti.

In particular, the company Tokio Marine Nichido.

The agency explains that this is primarily due to the difficulties in conducting transactions in light of the imposed sanctions.

Now, if Japanese companies decide to continue their activities in the Russian Federation, they may need to conclude property insurance contracts with local companies.