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Belgian export credit agency ONDD has extended its cover capacities on Russia for medium and long-term export transactions.
The ceiling for these transactions has been increased from €
450mn to €
600mn. Within the framework of the OECD arrangement, the premium category for medium and long-term export transactions remains unchanged (category 4 out of 7).
Russia remains dependent on the prices of its main export goods on the world market but thanks to its excellent external liquidity, the country could bear an external shock such as the fall in the oil price, claims the agency. Its net creditor status gives the authorities enough flexibility to react to such a shock.
However, the improvement in the business climate remains a long-term challenge. Without any advancement in this field, the investments quota would remain too low in order to accelerate the economic development of the country and the growth would depend on the fluctuations of the oil price according to the supply and demand.