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News

30.03.2016

The Russian Government approves changes to directive regulating EXIAR, NO. 964

The Russian Agency for Export Credit and Investment Insurance (EXIAR – a part of the Russian Export Center Group) reports that the Russian government approved changes to Directive No. 964 “On The Procedure for Export Credit and Investment Insurance for Business and Political Risks” (hereinafter, ‘the Rules’) on March 21, 2016.

Some of the major changes to the Rules include:

- expanding the list of tools EXIAR uses to support exports. In addition to providing insurance and reinsurance, EXIAR has the right to ensure the fulfillment of obligations by foreign counteragents when exporting and investing outside the territory of the Russian Federation by issuing independent guarantees, sureties, and other means of ensuring fulfillment of obligations;

- supplementing the Rules with a series of new concepts and definitions, such as “guarantee for a strategically important project”, “project to organize Russian production abroad”, “project to create export-oriented manufacturing”, “exporting intellectual property”, etc., to clarify the way in which EXIAR provides support through insurance and guarantees;

- changing provisions to the Rules regarding the limit of EXIAR’s insurance liability and adding provisions regarding the control over the Agency’s activity, such as providing annual reports to the Russian government.

EXIAR is confident that the approved changes, which in many ways respond to the requests of Russian exporters and financial organizations, will allow the Agency to significantly increase the volume of exports and investments that it supports.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports and investments abroad by insuring export credits against commercial and political risks. The Russian Export Center is EXIAR’s sole shareholder. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.