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EXIAR signs strategic documents with EULER HERMES and PWC AG WPG

The Russian Agency for Export Credit and Investment Insurance (EXIAR), Euler Hermes Deutschland AG (Euler Hermes), and PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft (PwC AG WpG) have signed an Agreement of Cooperation on international issues, and a Memorandum of Understanding on issues related to the provision of consultancy services.

The Agreement was signed at the Russian-German Strategic Group Meeting in Moscow.

The document was signed by CEO of EXIAR Peter Fradkov, Euler Hermes Board Member responsible for the Federal Government Export Guarantee Scheme Dr Hans Janus, and Partner and Head of the Underwriting & Risk Management Division at PwC AG Of WpG Thomas Baum.

Under the Agreement of Cooperation on international issues, the parties will exchange experience on assessing risks related to insuring export credits, and also help support Russian and German export projects in third countries.

Under the Memorandum of Understanding, Euler Hermes and PwC AG WpG will provide consultancy support to EXIAR, helping to develop new insurance products and exchanging experience in structured financing transactions.

These documents, based on the fundamental principles of the Organisation for Economic Co-operation and Development (OECD) and the Berne Union will enable EXIAR draw upon the substantial experience of the oldest export insurance agency in the world, and apply the latest approaches to insurance support for the benefit of Russian exporters and investors abroad.

Increasing cooperation between EXIAR, Euler Hermes, and PwC AG WpG will help to broaden economic ties between the two countries via the support of import-export operations, the adaptation of leading international export credit insurance experience and standards, the increased opportunities to obtain financing, and the support of commercial banks offering financing to Russian exporters.

Euler Hermes Kreditversicherungs-AG is a private insurance company, mandated by the state to provide export credit and investment insurance to cover against territorial (political) and commercial risks. The company was founded in 1917, and in 1949 the Federal Republic of Germany made the decision to award two private companies the mandate for managing the insurance of export credits – Euler Hermes Kreditversicherungs-AG, and PricewaterhouseCoopers AG WpG – who provided export credit support on behalf and under the authority of the government of Germany. Euler Hermes is a member of the Berne Union (the International Union of Credit & Investment Insurers), and is an active member of the OECD's Working Party on Export Credits and Credit Guarantees.

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).