ANNOUNCEMENT 22 Apr 2015In April 2015, the government of the Russian Federation announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
On 22 April 2015, during the 13th meeting of the Russian-Cuban Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation, the Russian Agency for Export Credit and Investment Insurance (EXIAR) signedagreements for provision of insurance coverage on loans provided by Russian banks to a number of Cuban banks, including Banco Exterior de Cuba, Banco Nacional de Cuba and Banco Internacional De Comercio S.A., within set limits.
Banco Exterior de Cuba, Banco Nacional de Cuba and Banco Internacional De Comercio S.A. received credit limits at the amount of EUR 36 million, EUR 11 million and EUR 56 million, respectively. Insurance coverage is provided by EXIAR for export transactions with maturity of up to three years, with up to 100% coverage. In the provided EXIAR press report is stated that this state measure 'will enable trade finance to be raised from Russian banks for Cuban projects involving the purchase of Russian products on preferential terms.'
The fact that in the past EXIAR has provided trade finance coverage for supplies to Cuba of electrical engineering equipment, machinery, track equipment, automobiles, auto parts, machine tools, and hi-tech equipment has been used in identifying the affected tariff lines