EXIAR insures shipments of electronic goods to CIS
The Russian Agency for Export Credit and Investment Insurance (EXIAR) and the trading company Mystery Electronics have signed a one-year comprehensive export credit insurance contract.
The agreement covered insurance of shipments of Russian-produced Mystery- and JVC-brand televisions and microwave ovens to Belarus and Kazakhstan. There is also the option to expand the insured portfolio at a later date. According to preliminary estimates, annual turnover of the insured parties will reach USD 7 million.
Comprehensive export credit insurance protects Russian companies against the risk of non-payment by foreign buyers due to commercial or political reasons. Insurance overage extends to recurrent shipments of similar goods to customers based abroad, in which payment has been deferred by up to 360 days.
Mystery Electronics has manufactured and sold electronic goods for over 14 years. The company began by manufacturing in-car electronics and sound systems, before expanding its product line to include household appliances.
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.
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