A North Korean reinsurance firm is weighing whether to enter the Russian market following the exodus of Western companies over the war in Ukraine, with a group of potential partners calling the move “promising.”

The DPRK reinsurer Future Re Company approached the All-Russia Insurance Association with a presentation outlining plans to expand its business and enter the Russian market in late July, according to the association, shortly before Moscow and Pyongyang ramped up talks on military cooperation.