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26.12.2011

EXIAR insures Russian exports to China and Vietnam

The Russian Agency for Export Credit and Investment Insurance (EXIAR) has concluded insurance contracts with Mamins Volga Diesel Plant (VDM) and the United Engine Corporation (UEC) for the first projects in which the Agency will provide insurance coverage for exports of high-tech products manufactured in Russia.

Under the insurance contract between EXIAR and VDM, the Agency will provide insurance coverage for the plant, which has concluded an agreement to deliver four diesel generators to Vietnam, and install and commission them. The contract is worth USD 4.8 million. The Agency is covering against fabricated risks (the risk of losses caused by the purchaser's unfounded refusal to adhere to the contract), and the risk of non-payment by the purchaser (the risk of losses caused by the purchaser becoming bankrupt, or by a long delay in payment). Insurance period: from 01 December 2011 to 13 January 2013.

Under the insurance contract between EXIAR and UEC, the Agency will provide insurance coverage for the corporation, which has concluded an export agreement to deliver energy equipment (the PS-90GP-25G industrial gas turbine from Perm Engine Company) to China. The contract is worth USD 5.15 million. The Agency is covering against the risk of non-payment by the purchaser (the risk of losses caused by the purchaser becoming bankrupt, or by a long delay in payment). Insurance period: from 01 December 2011 to 20 May 2013.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. 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. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).