As a result of the increased sanctions against the Russian Federation announced on Tuesday by the United States and the European Union, there is an expected increased risk that reasonable assurance of repayment from legal entities in the Russian Federation could be materially adversely affected. Therefore, effective immediately, and until further notice, Ex-Im Bank will not issue new commitments under any program where the primary source of repayment is Russian Federation risk. Additionally, Special Buyer Credit Limits (SBCLs), Issuing Bank Credit Limits (IBCLs), and other similar commitments will be cancelled effective August 5, 2014.
The Trade Credit Insurance Division will be setting up policy amendments to cancel Russian buyer SBCLs/IBCLs under multi-buyer policies (MB) so that there is no confusion on the part of the insured as to our coverage policy in this market.
