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18.03.2015

EXIAR covers risks for shipments to Uzbekistan

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Sberbank of Russia have signed a confirmed letter of credit insurance contract for the payment of exports of chemical products from Russia to Uzbekistan.

Under the agreement, EXIAR has insured a confirmed letter of credit issued by the National Bank of Uzbekistan on behalf of the Russian exporter. Sberbank of Russia was the confirming bank.

Under the terms of the contract, EXIAR insured a confirmed letter of credit for the confirming bank to cover against the risk of the issuing bank’s failure to pay indemnity.

Confirmed letter of credit insurance is a product offered by EXIAR which is intended to protect a Russian bank confirming letters of credit from the risk of non-payment due to commercial or political reasons from the issuing bank under a letter of credit.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR's mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).

Sberbank of Russia is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets. It is a key creditor of the Russian economy, with the largest share of the deposit market. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank, owning 50% of the bank’s charter capital plus one voting share, with the remaining shares held by domestic and international investors. Sberbank has more than 110 million individual customers and 1 million corporate clients in 20 countries. It has the largest distribution network in Russia with more than 18,000 branches, and has offices based in the UK, US, CIS, Central and Eastern Europe, Turkey and other countries. 
The bank holds general banking license No. 1481 issued by the Bank of Russia. Website: www.sberbank.ru

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