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On Holding Round Table Discussion “Insurance of Export Credits In Russia and Abroad: Prospects and Problems of Development”

8 december 2008 года
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A Round Table Discussion “Insurance of Export Credits in Russia and Abroad: Prospects and Problems of Development was held in Moscow on December 8. The Round Table Discussion was organized by the Ratings Agency Expert RA in cooperation with State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’.

The Round Table Discussion participants discussed issues of government policy on developing foreign economic activities infrastructure, stimulating export transactions, specifics of foreign export credit agencies’ activities in Russia and abroad focusing on assessing political risks associated with export transactions.

Management Board Member – Vnesheconombank Deputy Chairman Petr Fradkov said in his speech: “Export credit insurance mechanisms development is hampered by inadequate regulatory and legal network. One of the most acute problems is the absence in applicable legislation of regulations providing for the state to guarantee Vnesheconomank’s liabilities under export credit insurance agreements. In order to get export credit insurance mechanisms to function we find it worthwhile to establish an Export Credit and Investment Insurance Agency.

Representatives from federal executive authorities, banking and insurance sector, legal firms as well as foreign export credit agencies took part in the Round Table Discussion.

Since the Federal Law ‘On the Bank for Development’ was enacted in May 2007, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was assigned to insure export credits against commercial and political risks. In February 2008, the Russian Government adopted a Resolution “On the Procedure for Insuring Export Credits against Commercial and Political Risks by State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’. In June of this year, Vnesheconombank’s Management Board adopted Provisional Rules for Insuring Export Credits, which stipulate the procedure and terms of insuring by the Bank mid and long-term export credits against commercial and political risks, Standard Agreement on Insuring Export Credits.

 

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-83, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 
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