ANNOUNCEMENT 11 Jul 2016
In July 2016, the British government announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
On 11 July 2016, the UK Export Finance agency presented its 2015/16 Annual Report. The report included a list of all beneficiaries of trade finance for the given fiscal year.
One of these beneficiares was Russian Federation's JSC Lebedinsky GOK, which was offered buyer credit worth 82.9 million GBP for a contract with Midrex UK Ltd.
Given that UKEF does not provide the exact date that the trade finance deal was signed, the most conservative inception date, i.e. the 30 June 2016, was set as the inception date.
Russia did not import any direct reduced iron (the product of Midrex UK) worth more than 1 million USD from a single country in 2015. Hence, no affected trading partners were selected.
According to a media report (cf. Sources), UKEF provides loans under the condition that at least 25% of the loan is targeted to support British jobs.