Russian import and export trade companies are appealing to their government to simplify legislation on invoice financing in a bid to boost Russia s competitiveness as it joins the World Trade Organization.
Russia has been granted admission into the World Trade Organisation (WTO) after 18 years of negotiations, paving the way for foreign investment and a boost for the country s export businesses.
The Association of Factoring Companies (AFC) has released results on the development of the factoring market in Russia for the first nine months of 2011.
Mikhail Okunev, the head of bank management at Metallinvestbank, has been elected chairman of the Association of Factoring Companies (AFC).
Russia has launched Exiar, its first export credit agency (ECA), to increase Russian exports to new markets, GTR reports.
The Joint Stock Company (SME Bank), a subsidiary of the Vnesheconombank Group, has approved a financial instalment of RUR500 million for the Factoring Company Life (FC Life).
UniCredit s Russian office has closed a US$300 million three-year term loan with a group of five banks to use for trade finance and general corporate purposes, GTR reports.
The European Bank for Reconstruction and Development (EBRD) has closed a loan for Russia s Transcapitalbank (TCB).
