ANNOUNCEMENT 23 Mar 2022

In March 2022, Export Development Canada (EDC) announced the withdrawal of any new export finance assistance for Russia and Belarus. 

NUMBER OF INTERVENTIONS

2

  • 0 harmful
  • 0 neutral
  • 2 liberalising

SOURCE

Export Development Canada. "UKEF, EDC & US EXIM joint statement". 23/03/2022. Available at: https://www.edc.ca/en/about-us/newsroom/ukef-edc-usexim-joint-statement.html

Inception date: 23 Mar 2022 | Removal date: open ended

Trade finance

On 23 March 2022, Export Development Canada (EDC) announced that it would not grant financial support for exports to Russia and Belarus. The agency introduced the measure as part of the sanctions against the Russian invasion of Ukraine. In turn, support for exports to Ukraine will be preserved. 

The announcement was part of a joint statement with the Export-Import Bank of the United States (US EXIM) and the U.K. Export Finance (UKEF). In the joint statement, the three export credit agencies (ECAs) encouraged their global counterparts to follow suit in order to put financial pressure on Russia and Belarus (see related state acts). 

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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Inception date: 23 Mar 2022 | Removal date: open ended

Financial assistance in foreign market

On 23 March 2022,  Export Development Canada (EDC) announced the withdrawal of support for exports to Russia and Belarus. With the decision's entry into force, Canadian enterprises will lose support from the EDC for their operations with subsidiaries and for the new investments in these Russia and Belarus. This measure is a part of the sanctions introduced in response to Russian aggression toward Ukraine. 

The decision was announced together with the Export-Import Bank of the United States (US EXIM) and the U.K. Export Finance (UKEF) in a joint statement in support of Ukraine. The three export credit agencies claimed to be "appalled by the unprovoked invasion of Ukraine" and expressed commitment to "stand strong in supporting Ukraine". 

 
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