Russia

Major strides have been made in recent years to clarify the role and status of factoring in Russia. Legislation passed in 2009 helped by removing previous requirements for factors to operate with a licence, whilst increasing levels of oversight have made Russia's factoring market one of the most regulated in eastern Europe.

In August, factorings.ru on the initiative of Promsvyazbank (PSB) - surveyed the Russian factoring market to assess the situation and to examine the impact of the financial crisis upon operations.

VTB Factoring Ltd., an affiliate of VTB Group, is the latest factor to join International Factors Group

Promsvyazbank (PSB) has received the Factoring Company of the Year award at the annual Russia s Financial Elite 2009 award ceremony.

A survey of Russian factors showed that a majority had seen a fall in business volume during the first quarter of 2009.

Last month, Moscow hosted the annual conference 'Factoring in Russia - 2009', bringing together 120 players from the industry.

The volume of Promsvyazbank s (PSB) international factoring transactions with China increased by 55.7% to 52 million in 2008.

Moody's Investors Service has today downgraded the long-term foreign and local currency deposit ratings of National Factoring Company CJSC

National Factoring Company has settled an investor put option relating to its series 03 bond issue

Russian bank Transcapitalbank (TCB) has agreed to set up a joint venture with US lender International Finance Corporation (IFC) and Malta-based FIMBank Plc to offer factoring services in Russia.