AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
According to a press report of 4 December 2014, the Russian Agency for Export Credit and Investment Insurance (EXIAR) has insured export shipments of metal products manufactured by Magnezit Group, ENERGOPROM Novocherkassk Electrode Plant, and other companies to the Republic of Belarus. The concrete types of metal products are not disclosed.
As part of this export deal, a buyer credit insurance contract was signed between EXIAR and the Russian privately-owned bank Promsvyazbank. Promsvyazbank undertakes the obligation to set a financing limit of USD 18.9 million to Belarusian Steelworks, the management company of Belarusian Metallurgical Holding Company, in order to pay for the Russian shipments. On its turn, EXIAR undertakes to cover the risks of default under this loan agreement.
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