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24.02.2016

EXIAR insures exports of Russian perfumes and cosmetics

The Russian Agency for Export Credit and Investment Insurance (EXIAR – part of the Russian Export Center Group) and JSC Company Arnest have concluded a one-year insurance policy for short-term credit.

As part of the agreement, JSC Arnest’s shipments of perfumes and cosmetics to CIS countries will be insured by EXIAR for a total of RUB 27.5 million.

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.

JSC Arnest is the most largest manufacturer of perfumes and cosmetics in Russia and the CIS (more than 50% of aerosol products in the CIS). Production is conducted at two facilities: in the city of Nevinnomyssk in the Stavropol Krai and Novomoskovsk in the Tula Region. Since 2000, JSC Arnest has been contracted to produce goods for such companies as Henkel, Unilever, Oriflame, SC Johnson and others.