Baku, Azerbaijan, Sept. 14
By Khalid Kazimov -- Trend:
The Export Guarantee Fund of Iran has signed a contract with a Russian counterpart to cover the risk of exports from Iran to Russia, the fund's Deputy Director Arash Shahr-Aeeni said.
Accordingly, he said, a great deal of the export risk coverage will be relegated to Russia, which will go operational beginning the Iranian month of Mehr (as of September 23), Fars news agency reported Sept. 14.
He further said Iranian trade organizations and people have also been given the chance to view the business profiles of Russian companies before signing contracts with them in order to calculate the risk involved.
The official further said the assets of the fund have increased to $440 million from a previous $240 million, which will according to the law enable the fund to cover export risks up to 10 times the assets.
Before Western countries imposed sanctions against Iran in 2011, Russia's exports to Iran amounted to $3.4 billion, while imports from Iran to Russia were $350 million. But these figures were respectively $1.2 billion and $433 million in 2013.
In 2014 Iran's exports to Russia amounted to $355 million, while total trade turnover reached some $1.7 billion.
Edited by CN