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The Federal Law dated 18 July 2011 No. 236-FZ "On amendment
of certain legislative acts of the Russian Federation in order to
improve the mechanism of insurance of export credit and investments
against entrepreneurial and political risks", amends a number
of regulatory acts and improves the mechanism for insurince against
such risk.
More specifically, the law stipulates that the Bank for
Development and Foreign Economic Affairs (Vnesheconombank) will
create an open joint-stock company, the main purpose of which will
be to provide insurance services to exporters of export of Russian
goods (works, services) and investors outside the Russian
Federation ("the Agency"). The activity
of the Agency will not be subject to licensing.
On 13 October 2011 the Federal Tax Service of the Russian
Federation registered the Agency for export credits and investments
insurance (EXIAR) with a charter capital of 30 billion rubles.
The Agency is headed by deputy chairman of Vnesheconombank, Petr
Fradkov, son of the former prime-minister, Mikhail Fradkov.
The main purpose of the Agency is to support of Russian export
by means of insurance of credit and political risks for medium (up
to 2 years) and long-term (up to 20 years) export and financial
credits, and insurance of Russian investments abroad against
political risks.
The Agency will promote Russian export of equipment and
technologies, provide insurance support to Russian exporters on the
foreign markets, create and implement an up-to-date system of
financial support of export with the Agency's insurance
coverage, and increase the transparency of Russian export
operations and international investments.
The Agency's services will be available for Russian
exporters of goods, works or services; Russian investors investing
abroad; foreign contractors of the above-indicated entities, and
Russian and foreign banks which finance the relevant transactions.
Receipt of insurance premium to the bank account within the
established time limit releases them from administrative liability
for unapplied receipts (if the insurance indemnity is not below the
established amount).
According to the Ministry of Economic Development and Trade, the
Agency will be able to cover export supplies up to an amount of $20
billion per year. The Ministry plans to achieve this target by the
end of 2012.
By the end of November 2011 the Russian Government took another
step towards the development of this type of insurance by way of
Government Decree No. 964 dated 22 November 2011 "On the
procedure of export credits and investments insurance against
entrepreneurial and political risks" and approved the
"Rules for export credit insurance" ("the
Rules").
The Rules establish the requirements which should be included in
the insurance rules, determine the participants of legal
relationship, specified the insured amount limits (not more than
90% of the insured value for an export credit and investment for
insurance against entrepreneurial risks and not more than 95% of
the insured value for insurance against political risks).
Furthermore, this Decree establishes the requirements to ensure
financial stability of the Agency's insurers (in particular, it
specified that a company's charter capital as at the time of
state registration should amount to 30 billion rubles), the
requirements of a company's activity in connection with
providing it with the financial support of Vnesheconombank,
government subsidies, budget investments and state guarantees.
The Decree also sets out the procedure and forms for exercising
control over the Agency's activity and repealed
Government's Decree No. 100 dated 19.02.2008 which had
established the procedure for the mentioned insurance activity
carried out by Vnesheconombank.
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guide to the subject matter. Specialist advice should be sought
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