Vneshtorgbank's total amount of operations, covered by export insurance agencies, has increased six times in the past three years and has reached Ђ500m, Natalia Loginova, department head on contacts with financial institutions, announced.
Loginova explained that special documents have been worked out for conducting such operations and bilateral agreements have been reached with a great number of export insurance agencies "from practically all over the world."
According to Loginova, European countries account for the greatest amount of these operations. Most of the bank's operations for financing trade are done in euro (more than 60 per cent), trade in dollars comes in second, mostly being done with the United States and China.
Other products also used for financing foreign trade include letters of credit with postponement of payment, Loginova said, noting this scheme is especially interesting in financing exports.
