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25.11.2014

EXIAR insures export of automotive parts to Cuba

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Zarubezhtsvetmet have signed an insurance contract.

Under the agreement, EXIAR has insured a shipment of automotive parts and supplies for Russian-made cars manufactured by the foreign trade association Zarubezhtsvetmet for Empresa Importadora y Abastecedora del Niquel, CEXNI. The total value of the shipment was EUR 38,000. As per the contract, the Agency insured against the risk of non-payment by the customer.

Between 2013 and 2014, the Agency concluded ten insurance contracts with Zarubezhtsvetmet. Specifically, these contracts were to insure shipments of components and core process equipment for the Cuban nickel and oil refining industries. Deliveries of automotive parts and supplies for a range of companies in Cuba were also covered.

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 30 billion.

Zarubezhtsvetmet was established in 1971, and became an open joint-stock company in 1994. The organisation specialises in reconstructing and modernising companies in the non-ferrous metals and ore mining industries, as well as engineering companies operating in the aforementioned fields. Zarubezhtsvetmet is additionally involved in prospecting, research and development, and project design work. The company exports Russian equipment, components and materials to companies operating in the nickel, oil refining, construction and hydrocarbon processing industries.

External communications EXIAR