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Russian Export Center Group to Support Not Only Exports, But Also Imports

On March 23, the State Duma, in the second and third readings, adopted a bill to expand the responsibilities of the Russian Export Center Group (REC, EXIAR, and EXIMBANK OF RUSSIA).

In the context of important changes in the foreign trade situation and significant disruption of the existing foreign trade relations, Russian exporting manufacturers are facing challenges to reconfigure their production chains and replace suppliers of equipment and components from vendors who refused to fulfill their contractual obligations or became unreliable partners under the imposed sanction restrictions. In this environment, apart from supporting Russian exporters, the responsibilities of the REC Group (part of VEB.RF) will also include the above issues.

To address these challenges, it is planned to provide financial, insurance, guarantee, and other support to Russian companies as part of competencies that have been built and developed in the Group over the past years.

The Russian Export Center Group has a wide range of well-established mechanisms for supporting exporting companies, which have proven to be effective in recent years. The REC Group is working on setting up support mechanisms, so that Russian manufacturers of competitive and sought-after products could use comprehensive support tools in difficult times along the entire chain of creation and sale of goods, including imports of the necessary equipment, components, and parts, which they now purchase from third countries.