04/03/2022 07:12
Topic:
Russia, Belarus, Ukraine cover policy
Andrea Bulasch
|
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:
βIn 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.β
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 |
16/06/2022 11:22
Topic:
Sri Lanka
Andrea Bulasch
|
Dear colleagues,
Our approach is similar to yours, and we are also receiving requests for deferred payments for some time. Until now, MLT transactions are being repaid, but for covered ST transactions transfer problems seem to be increasing. However, our exposure is limited, too.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division |
16/04/2025 10:36
Topic:
Cover on Ecuador
Andrea Bulasch
|
Dear colleagues,
regarding short-term cover on Empresa Publica De Hidrocarburos Del Ecuador we have one whole-turnover cover policy. We have no negative payment experience, so far.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division |
23/04/2025 10:16
Topic:
Cover on Ecuador
Andrea Bulasch
|
Dear Phil,
The limit was granted some years ago (2020). However, there was no recent turnover covered, so the limit is currently not in use.
Kind regards
Euler Hermes Aktiengesellschaft
Federal Export Credit Guarantee Division |