We inform you that this year the competence of the REC Group has been expanded. Along with the main task of export support, it was possible to support Russian companies in the import of products necessary to ensure the production of Russian goods and the implementation of investment projects, and began to develop new tools for financial and non-financial business support.
In this regard, we present to you the new program of ROSEXIMBANK JSC, which was developed for the purpose of special import financing.
The program is regulated by Government Decree No. 944 of May 25, 2022. The adopted Resolution amends Government Resolution No. 566 of June 8, 2015 (under which we continue to finance exports) and extends state support to loans provided specifically for the purchase of imported products. http://publication.pravo.gov.ru/Document/View/0001202205270041
Direct link (for understanding) to the main credit products of JSC ROSEXIMBANK: https://www.eximbank.ru/products/kredity-na-podderzhku-eksporta/
The bottom line is that the adopted resolution allows importing companies to attract special financing in a targeted way for imports. Taking into account the current difficulties with logistics, the shortening of the terms of the so-called "commercial loans" and the transition to prepayment from foreign suppliers, such a program will be useful and relevant for representatives of the building materials industry.
At the same time, the product "Insurance of advance payments on imports" was launched through EXIAR JSC. Insurance will help to mitigate risks and increase the financial security of companies working with foreign suppliers. The policy protects against commercial and political risks, gives confidence in foreign suppliers, guarantees a refund for undelivered goods and avoids sanctions for non-return of the advance payment to the territory of the Russian Federation. The current situation in the world has influenced the growth of the requested advance from an average of 20% to 70% of the contract amount. Thus, advance payment insurance is a fairly relevant tool for the importer. The insurance is issued for 1 year and allows you to cover up to 90% of the amount of the loss. The insurance premium is calculated from the amount of advances transferred to suppliers. The framework agreement provides for insurance of the suppliers' portfolio. Before signing the contract, EXIAR will analyze the financial position of the counterparty, then determine the terms and cost of insurance. In case of non-return of the advance, EXIAR will pay the insurance indemnity to the importer.
See the corresponding Decree of the Government of the Russian Federation. by the link: http://publication.pravo.gov.ru/Document/View/0001202204260025
In addition, given that the industry has a certain dependence on imported raw materials, the processing procedure in the customs territory for deliveries to countries outside the EAEU may be relevant. Processing in the customs territory is a customs procedure designed to support exports. The main advantage of this customs procedure for exporters is the ability to use imported goods in the production of products intended for export, without paying customs duties and taxes, as well as without applying non-tariff regulation measures. Exemption from customs duties and taxes when importing goods for processing refers to those rare types of benefits that do not entail the risks of taking compensatory measures in importing countries (within the WTO). The procedure is valid in case of purchase of raw materials outside the EAEU and subsequent deliveries outside the EAEU countries. This gives a significant competitive advantage in the pricing of Russian products exported. JSC "REC" actively helps companies in obtaining permits from the customs authorities for processing goods in the customs territory.
The REC center has also compiled a set of support measures under restrictions that in one way or another concern exporting companies: https://www.exportcenter.ru/company/Support-measures/
If you are interested, you can contact us for more information.