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News

03.08.2015

EXIAR’s official position regarding the expansion of the United States sanctions list

On July 30, 2015, it was announced that the United States expanded its list of individuals-entities under unilateral economic sanctions that was originally introduced on July 16, 2014, by a US presidential decree due to events in Ukraine. In the most recent wave of sanctions, EXIAR was added to the list. As such, EXIAR believes it should clarify the following:

New sanctions by the United States will not have a significant effect on EXIAR’s activities. The addition of EXIAR to the sanctions list does not change the Agency’s standing, in as far as initial sanctions were applied to all companies in the Vnesheconombank Group whose authorized capital was more than 50 percent owned by Vnesheconombank – which includes EXIAR. These sanctions also aimed at limiting those companies’ ability to attract financing.

EXIAR regretfully acknowledges the escalation of the United States’ sanctions policy, but confirms that these sanctions do not affect the Agency’s ability to function and perform its obligations to support Russian exports and insure export credit and investments from commercial and political risks.

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