EXIAR, the Export Insurance Agency of Russia, and the United Engine Corporation have signed an agreement for the agency to provide insurance cover for an export contract to deliver energy equipment to China. The document was signed by EXIAR CEO Petr Fradkov and UEC CEO Andrey Reus.
According to the agreement, the agency takes on responsibility for covering the risk of non-payment by the purchaser. Previously, UES had signed a contact to deliver PS-90GP-25 gas turbine engine made by the Perm Engine Company, to China. The insurance coverage amounts to USD 5.15 million.
The agreement between EXIAR and UES is one of the first documents to provide insurance for export deliveries of Russian high-tech goods. The two organizations intend to continue and expand cooperation in the future.
The Export Insurance Agency of Russia (EXIAR) was founded in October 2011. The only shareholder is the Bank for development and Foreign Economic Activities (Vneshekonombank). The agencyĺs start-up capital amounted to 30 billion rubles.
EXIARĺs purpose is to support Russian exports by insuring against entrepreneurial and political risks on export credit, as well as insuring Russian investment abroad against political risks.
EXIAR Public Relations
UEC Press Service