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Press-center

07.07.2020
12:39

EXIMBANK OF RUSSIA streamlines the terms of financial products for exporters

The Management Board of EXIMBANK OF RUSSIA JSC decided to further streamline the procedure for obtaining the financial supporting measures by exporters. Now, this is about the special guarantee allowing to reduce the period for VAT recovery several times. This is also about the Export Standard credit facility, which has been specially developed in the previous year to meet the needs of exporters. “We make advances to business, bearing in mind the fact that the existing quarantine restrictions have drastically affected the market environment. Therefore, we decided to make the products more accessible, and, first of all, this relates to micro and small exporting businesses.” Roman Smagin, acting Chairman of the Board of  EXIMBANK OF RUSSIA JSC, said.<br />
Streamlining the procedure for obtaining financial products will affect pre-export financing that is focused, first of all, on exporting SMEs: some restrictions related to export contract legislation are removed, requirements to the export background, which an entrepreneur, a potential beneficiary from Export Standard credit facility must meet, are reduced. This product, i.e. its terms, will be sure of interest to hi-tech exporters.<br />
Changes in the recovery of VAT on export operations imply simplified requirements to a set of documents to be provided by an exporter. In particular, an exporter must not notarize the documents any more. This is not only a relevant measure amid the current situation but it allows cutting exporter’s costs under the special guarantee of EXIMBANK OF RUSSIA JSC, especially when it comes to micro and small enterprises. <br />
“The products offered by EXIMBANK OF RUSSIA JSC are affordable financial leverage for Russian business. They are more advantageous as compared to conventional loans as our financing and guarantees are custom-tailored to meet the specific needs of foreign trade. This efficient supporting measure for Russian exporters will significantly facilitate their operations,” Roman Smagin summed up. <br />
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