News Snapshot:
SHANGHAI : Chinese state-controlled insurer PICC Property and Casualty Co Ltd (PICC P&C) said on Monday that sanctions on Russia were not affecting its business so far. PICC P&C only undertook insurance business from some Chinese companies with assets in Russia and Ukraine, the scale of which was small, it said in an email to Reuters. PICC P&C is one of the eight Chinese financial institutions with operations in Russia, according to a list on the website of Embassy of China in Russia. (Reporting by Zhang Yan, and Ryan Woo; Editing by Kim Coghill)
