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EXIAR JSC – Export Insurance Agency of Russia

EXIAR
is a specialized state export support institution that provides insurance protection for export credits and investments against business and political risks.
Three groups of customers:
  • Exporting companies;
  • Commercial banks (and other financial organizations);
  • Importers and serving banks.

The Russian Agency for Export Credit and Investment Insurance was officially registered on 13 October 2011 in the form of a joint-stock company. Vnesheconombank was the sole shareholder of the newly created company. Since 2015, Russian Export Center JSC (hereinafter “REC”), which has been established by Vnesheconombank as a key institution for state support and development of non-resource exports in Russia pursuant to the relevant instructions of the Russian Government , is the Agency’s sole shareholder. The State Specialized Russian Export-Import Bank (hereinafter “EXIMBANK OF RUSSIA”) and EXIAR JSC, which is also the shareholder of EXIMBANK OF RUSSIA since 2014, provide comprehensive financial support for Russian exporters and investors in the one-stop-shop format within the structure of the REC Group.

The special status of EXIAR as a national export credit agency (hereinafter the “ECA”) is determined by the provisions of Federal Law No. 164-FZ “On the Basics of State Regulation of Foreign Economic Activity” dated 8 December 2003. The Agency is not subject to the provisions of the Russian insurance law: EXIAR carries out its activities on the insurance of export credits and investments without permission (the license).

The fundamental principles of the Agency's activities, the requirements for ensuring its financial stability, as well as the procedure and forms of control are regulated by the rules of insurance of export credits and investments against business and political risks (hereinafter referred to as the Rules).

As a specialized state export support institution, EXIAR implements a mechanism for insurance protection of export loans and investments against business and political risks. Assuming risks, EXIAR simultaneously reduces the cost of financing of export supplies for exporters and foreign buyers. EXIAR exercises integrated approach to meet the needs of Russian business, collaborating with foreign ECAs and other counterparties.

EXIAR’s main objectives in the field of cooperation with Russian credit organizations are the following:

  • to increase the volume of support for the export of Russian products through the insurance of export transactions with the participation of credit organizations involved in the financing of foreign trade operations;
  • to increase the volume of loans provided by banks and credit organizations.

Moreover, EXIAR actively cooperates with leasing companies and other financial organizations (including factoring companies) that finance export projects.

EXIAR’s other objectives in the export credit insurance market include:

  • assisting the development of the modern export credit insurance system;
  • promotion of export credit insurance products in Russia;
  • formation of the culture of foreign trade operations insurance.

Within the obligations undertaken by the Russian Federation as a WTO member and a member of a number of OECD committees and working groups, the Agency's activity complies with international requirements in the field of export insurance (terms, rates, etc.), ensuring fair international competition. The conditions for insurance support created in accordance with the principles of the WTO, the OECD, and national interests, provides the Agency with the opportunity to improve the image of its activities in the international arena, including through the participation of EXIAR in a number of international platforms and associations, such as the Berne Union, the OECD working group on export credits and credit guarantees, the ECA platforms of the BRICS and the EAEU countries, the International Working Group.

EXIAR pays great attention to the quality of services provided, improvement of the service rate and customer satisfaction.

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Development strategy and perspectives

EXIAR deals with three main groups of customers: exporting companies, commercial banks and other financial organizations, importers and serving banks.

In 2018, within the development of the “International Cooperation and Export” national project and evolution of its goals into federal projects under the “Systemic Development Measures for International Cooperation and Export” project, a set of priority objectives was developed for the REC group, including EXIAR. That set of priority objectives was introduced into the Development strategy of Russian Export Center Joint-Stock Company until 2019 and for the long term until 2024 (REC development strategy with amendments approved by the Board of Directors in December 2018).

The Agency's priority objectives for 2019 and subsequent years include national exports growth, enhancement of SME sector support, creation and implementation of the “out-of-the-box” (standardized) solutions for SMEs, reduction of exporters' risks when creating export-oriented industries in Russia and abroad.