A comprehensive export credit insurance contract was signed today by the Russian Agency for Export Credit and Investment Insurance (EXIAR) and Renault Russia at INNOPROM 2014. Export sales of cars assembled at Renault plants to Kazakhstan and Belarus will now be insured by the Agency.
The document was signed by EXIAR CEO Peter Fradkov and Managing Director of Renault Russia Bruno Ancelin.
Under the agreement, EXIAR will insure the largest shipments of cars to Belarus and Kazakhstan with estimated annual turnover of over RUB 7 billion against political and commercial risks.
"Today EXIAR has agreed to provide insurance coverage for Renault's shipments from Russia to Belarus and Kazakhstan. However, we intend to work further with the aim of extending the Agency's coverage to shipments to other countries", said Peter Fradkov.
Renault Russia was established in 1998 in partnership with the government of Moscow. Today, the company is fully owned by Renault. Renault's factory in Moscow manufactures the Logan (since 2005), the Sandero (since 2010), the Fluence (since 2011), the Mégane hatchback, and the Duster (both since 2012). Over the past 16 years Renault has sold over 1 million cars in Russia, including over 500,000 Logans. The best-selling models – the Duster, Logan and Sandero – are among the top 10 foreign car brands in the Russian market, while the Duster is the most popular SUV vehicle. Renault has designated the Russian market as a top priority.
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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