Marsh McLennan has announced the business will pull out from Russia over Moscow’s “unprovoked” invasion of Ukraine while Aon is suspending its operations there for now.

President and CEO Dan Glaser says the broker plans to transfer ownership of its Russian businesses to local management who will operate independently in the Russian market.

“We condemn the unprovoked attack by the Russian government against the people of Ukraine,” Mr Glaser said. “Having watched with horror the tragic human toll in Ukraine, we feel compelled to take this action.

“This is not a decision that we have taken lightly, and we join all those calling for a swift and peaceful resolution to this deadly conflict.”

Meanwhile Aon has not ruled out taking more action after suspending its operations in Russia.

“Right now, our primary focus is on the safety and well-being of our colleagues in Ukraine and our colleagues’ families, and those in Russia who might be adversely impacted,” CEO Greg Case said in an update to Aon employees.

“And we will continue to monitor the situation to determine if we will take further actions.”

Mr Case says the escalation of the conflict in Ukraine continues to cause the senseless loss of life to innocent civilians, and the intentional destruction of schools, civilian property and infrastructure.

“It is why we have made the decision to suspend operational activity in Russia, including putting our colleagues in Russia on paid leave.”

The separate announcements last week from the two global brokers came as the US and its Western allies ratcheted up the economic pressure on Russia.

They have taken unprecedented economic sanctions, including cutting off Russia from the global SWIFT payments systems and freezing assets of oligarchs linked to Vladimir Putin.

And the UK Government has banned Russian aviation companies from accessing Lloyd’s and the London market for their insurance needs.