Technical exchange on country risk policy
Russia, Belarus, Ukraine cover policy
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Nada ?ebokli SID Posts: 316
28/02/2022 12:22
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Dear members,
Due to circumstances in Ukraine, we would like to know, whether you have changed cover policy against Ukraine, Russia and Belarus? Have you closed the coverage completely or you are still opened for certain risks?
Until now, SID has been opened for countries in question. Subject to EU sanctions it was possible to insure ST business with no special limitations, while MLT export transactions was possible to insure only on CBC basis. Recently we have had no demand for major transactions in any of these countries.
After escalation in Ukraine our intention is to categorize all three countries »off cover«.
We would be very grateful if you could share your approach with us as soon as possible.
Thank you in advance.
Kind regards.
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Susanne With EKN Posts: 9
28/02/2022 02:36
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EKN placed the cover for Russia, Ukraine and Belarus “under review” immediately on Thursday morning Feb 24. That means a stop for all guarantees. Commitments stand firm but future deliveries under outstanding offers will not be covered by EKN, at present. And no new applications will be processed on these three countries.
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Andrea Bulasch EULER HERMES Posts: 70
04/03/2022 07:12
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Dear members,
We too are deeply concerned about the Russian war against Ukraine. Of course, we can share with you our current, official cover policy:
“In view of the Russian attack on Ukraine, the Federal Government has suspended the underwriting of export credit guarantees (so-called Hermes Cover), guarantees for untied financial credits and investment guarantees of the Federal Government for Russia and Belarus on Thursday, 24 February 2022 until further notice. No applications for state guarantees will be processed for these countries.
In addition, an EU-wide ban on export credit and investment guarantees for Russia came into force on Saturday, 26.02.2022. Existing export credit and investment guarantees continue to protect exporters, financing banks and investors against payment defaults and political risks in Russia and Belarus. In addition, the Interministerial Committee has decided to cancel all existing cover under the wholeturnover policy (APG) for future supplies and services. Exceptions can be granted for humanitarian goods upon application.
With regard to applications for export transactions to Ukraine, the Federal Government is continuously monitoring the current dynamic situation. It is and remains the Federal Government's goal to provide Ukraine with the best possible economic support. Decisions on applications are made on a case-by-case basis on the basis of the respective risk situation. Here, too, the cover for already existing export credit guarantees applies.”
We are observing the developments in the countries concerned, but also the sanctions that have already been imposed and those that may be planned, very closely. Due to the recency of events, we cannot yet make any statements about a systematic change in payment experience.
We can only hope that peace will return quickly.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division
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