Russia and Denmark strengthen ties

Russia’s VTB Bank and Denmark’s state export insurance agency, Eksport Kredit Fonden (EKF), have signed a memorandum of understanding (MOU).

The MOU is designed to ensure that Russian and Danish businesses exchange information on potential projects.

Furthermore, companies from the two countries that do jointly pursue projects will involve VTB as a borrowing bank for export loans from foreign banks with EKF insurance coverage.

The agreement, which will help finance the supply of equipment from Denmark to Russia and the CIS, will support and develop Russian import companies.

Andrei Belyakov, deputy head of VTB financial institutions department, tells GTR: “Signing a memorandum of understanding is a huge step in facilitating economic partnership with one of the most developed European countries, Denmark.”