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23.06.2015

EXIAR insures paper supplies to Europe

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Solikamskbumprom have signed a one-year comprehensive export credit insurance contract.

Under the agreement, insurance will be extended to shipments of Russian paper to Austria, with the declared amount of supported exports currently standing at approximately USD 3.76 million. There is also the option to expand the insured portfolio at a later date.

Comprehensive export credit insurance protects Russian companies against the risk of non-payment by foreign buyers due to commercial or political reasons. Insurance cover extends to recurrent shipments of similar goods to customers based abroad, in which payment has been deferred.

Founded in 1939, Solikamskbumprom is a Russian pulp and paper company and one of Russia's three leading newsprint producers. Newsprint is the company's core business, with Rossiyskaya Gazeta, Argumenty i Fakty, Komsomolskaya Pravda and other newspapers among its customers.

Solikamskbumprom is a modern, fast-growing company with advanced manufacturing facilities producing high-quality newsprint. Its products are in demand among leading publishers, both domestically and internationally. More than half of its output is exported to customers in Germany, Turkey, Iran, India, Egypt and elsewhere. The company views environmental protection and corporate social responsibility as key sustainability drivers.

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).

External Communications EXIAR