Sberbank of Russia and Italia export credit agency Sace signed a memorandum of understanding (MoU) during the St. Petersburg International Economic Forum.
According to a statement released by Sace, this MoU aims at developing a long-term co-operation concerning export credit to support foreign trade operations between the Russian Federation and Italy.
Herman Gref, Sberbank chairman of the executive board, comments on the signing: “We consider that there is high potential for development of trade and economic co-operation between Russia and Italy following the negotiations between the leaders of our countries, which took place during Russian President Vladimir Putin’s visit to Italy on June 10, 2015.”
Despite the sanctions, Russia remains an important partner for Italy. Alessandro Castellano, Sace’s CEO remarks: “With over €4.4bn of exposure in our portfolio, Russia remains the top foreign market for Sace. Alongside with Sberbank, Russia’s largest bank, and in compliance with relevant international regulatory framework, we continue to ensure our support to export and investment activities of Italian companies in the country representing a wide demand for Italian technologies and goods.”