EXIAR insures exports of Rostselmash’s machinery to Iran
The Russian Agency for Export Credit and Investment Insurance (EXIAR – part of the Russian Export Center Group) has insured shipments of Rostselmash’s agricultural machinery to the Islamic Republic of Iran.
Rostselmash ships machinery to Iran on a deferred payment basis. EXIAR’s insurance coverage is needed to protect against the risk of nonpayment for the shipped goods, while it also makes it possible to obtain financing. The possibility of expanding insured shipments is currently being developed based on Iranian banks’ ability to attract financing.
EXIAR and Rostselmash have enjoyed a fruitful partnership since 2013. Current insurance policies cover shipments to countries such as Poland, Bulgaria, Lithuania, Estonia, Moldova, Germany, Kyrgyzstan, Tajikistan, and Kazakhstan, among others. These insurance policies also include the possibility of further expanding items covered by the insurance.
EXIAR CEO Alexey Tyupanov noted that “the Iranian market is currently one of the most promising markets for Russian companies. EXIAR plans to further work with Russian exporters to support shipments of their goods to Iran.”
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. The Russian Export Center is the sole shareholder of EXIAR since the 10th of December, 2015. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.
Rostselmash is a Russian company and one of the five largest manufacturers of agricultural machinery in the world. It is comprised of 13 smaller companies and produces a full line of machinery and equipment for agribusiness – ranging from soil and planting preparation to crop harvesting and processing – at facilities in Russia, the United States, Canada, and the European Union. The company manufactures over 150 models and 24 types of agricultural machinery. These include grain and harvest combines, tractors, sprayers, as well as forage and harvest processing equipment, among others.