Russia has launched Exiar, its first export credit agency, to increase Russian exports to new markets.

Exiar, which stands for Export Insurance Agency of Russia, will provide insurance for export credits against commercial and political risks to Russian investments abroad. It also aims to enhance access to Russian financing, increase exports to new markets and support private banks in financing Russian exporters.

Additionally, the new ECA promises to cover risks that would not otherwise be issued in the private insurance sector, such as backing transactions in countries without a credit rating.

An Exiar spokesperson told GTR that the opening of the Russian ECA was motivated by the need to develop financial instruments for export state support.

“Exiar is aimed at creating a true export credit insurance practice in Russia and thus promote risk management culture among Russian exporters, accompanying national exporters and investors into new and risky markets.”

The ECA’s sole shareholder is Russian state bank Vnesheconombank (VEB) and its activities are supported by the Russian Federation, backed by the financial guarantees of VEB.