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News

21.07.2014

EXIAR insures Promsvyazbank's export financing of carbon black shipments to Belarus

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and Promsvyazbank have signed a confirmed letter of credit insurance contract for payment of shipments of Russian-produced carbon black to the Republic of Belarus.

The exporter in this transaction, Omsktechuglerod, is the market leader in carbon black production in Russia and the CIS. Promsvyazbank was the confirming and financing bank for the letter of credit, issued by Belarusbank on behalf of a major Belarusian company. As part of the transaction, EXIAR provided insurance to cover against the risk of non-payment due to commercial and/or political reasons from the issuing bank under a letter of credit.

The main consumers of Russian carbon black are based outside the CIS. In 2013, these countries accounted for 70% of all exports.

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.

Promsvyazbank was established in Moscow in 1995, and today is one of Russia's leading private banks, with assets totalling RUB 777 billion. As at 1 April 2014 the amount of equity capital under the Basel I framework was RUB 95 billion, according to IFRS data. Promsvyaz Capital B.V. owns 88.25% of the bank's charter capital, with the remaining 11.75% belonging to the European Bank for Reconstruction and Development. The bank has the following credit ratings from international rating agencies: BB- from Standard & Poor's (stable outlook), Ba3 from Moody's Investors Service (under downward revision), BB- from Fitch Ratings (stable outlook), and an individual credit rating of AA + from Russia's National Rating Agency. The bank's network in Russia includes over 300 sales outlets as well as a branch in Cyprus, and representative offices in Ukraine, China, Kazakhstan and India. www.psbank.ru

Omsktechuglerod is the leading producer of carbon black in Russia and the CIS, and one of the largest companies of its kind in the world. The company is part of Omsk Carbon Group. The current product range includes 30 carbon black brands, and is constantly growing.

External Communications EXIAR