ANNOUNCEMENT 16 Dec 2015In December 2015, the government of the Russian Federation announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
According to an official press report of 16 December 2015, the Russian Agency for Export Credit and Investment Insurance (EXIAR) insured a loan agreement signed by Eximbank of Russia and Banco International de Comercio S.A. (BICSA), Cuba.
The export insurance covers obligations under an export agreement to ship rail cars from Russia under an contract between the Russian company RM Rail and Empresa Proveedora General del Transporte (TRADEX) in Cuba. EXIAR is insuring 22.7 million EUR worth of exports.
According to UN Comtrade, no trading partner of Cuba had exports exceeding a value of USD 1 million on the affected tariff lines in the year prior to the intervention. Thus no jursidictions have been identified as affected.