Western sanctions against Russia affect Ingo Armenia, ZCMC – Pastinfo

Western sanctions against Russia have also been extended to insurance companies, creating problems for Armenian citizens as well as business entities.

Back in June, the UK announced sanctions against 42 more individuals and legal entities under its Russia sanctions regime, including Ingosstrakh, a major Russian insurance provider. The United States later joined the sanctions on insurance companies, which also affected Armenia, Pastinfo reports.

Citing its sources, Pastinfo claims clients of Ingo Armenia Insurance Company have now experienced a problem using their insurance abroad as it is considered invalid by foreign countries.

“According to our information, Zangezur Copper Molybdenum Combine (ZCMC), which uses Ingo Armenia’s product insurance service for exports, also faced a similar problem regarding cargo transportation,” the media outlet said.

ZCMC did not deny problems with insurance when contacted by Pastinfo.

"No impediments to cargo transportation have been identified. There are documentation processes and problems that are being resolved," the mining company said.

“Ingosstrakh acquired 75% of Ingo Armenia’s shares back in 2003-2004, therefore the sanctions also affect the Armenian company. Individuals who have purchased health insurance from it fear that they could experience a problem using their insurance abroad, i.e. the western countries will not accept the insurance should the need arise,” Pastinfo added.