German-based Munich Re has added itself to the growing list of insurers who have suspended new businesses and won’t be renewing existing contracts in Russia and Belarus.

In a statement, Joachim Wenning, chief executive officer of Munich Re, said the insurer condemns Russia’s invasion of Ukraine and supports the sanctions that have been imposed.

"Munich Re stands for a peaceful and democratic world. Russia's invasion is an act contrary to international law. The attempt to place the law of the strongest above international law is completely unacceptable,” Wenning said. “We expressly support the sanctions initiated by the Western community of shared values – also in the knowledge that they will not remain without consequences for our economies."

Munich Re also plans to stop investments in the region and will only make exceptions to this rule if the suspension of business negatively affects persons or companies in need of protection.

In place of halted operations, Munich Re will concentrate humanitarian aid to thousands of the most vulnerable war refugees through donations to international organisations such as Save the Children, Red Cross and SOS Kinderdörfer.

Earlier this week, Allianz made similar commitments to stop new businesses and investments in Russia on behalf of its own investment portfolio.