The Agreement is for the comprehensive insurance of export credits, and was signed on 9th July at INNOPROM-2014, by the Russian Agency for the Insurance of Export Credits & Investments (EKSAR) and by RENAULT RUSSIA. The agreement covers the insurance of export sales of vehicles assembled at production locations within Russia and offered for sale in the retail markets of Kazakhstan and Belarus.
The signatories to the Agreement were Mr Pyotr Fradkov, the General Director of EKSAR, and Monsieur Bruno Anselain, the General Director of RENAULT RUSSIA.
The Insurance Agreement provides coverage by EKSAR for political and business-related risk covering large-volume shipments of vehicle products to the markets of Belarus and Kazakhstan, and offers financial assurance for an annual turnover of such goods of more than 7 billion rubles in sales value.
Mr Pyotr Fradkov was quoted as saying “Today ESKAR is providing financial insurance coverage for Renault's production exports from Russia to Belarus and Kazakhstan – but we're similarly interested in expanding the range of insurance coverage we offer to exports to other countries too”.
The RENAULT RUSSIA company was set up in 1998 as an equity partner project with the Mayoralty of Moscow. Currently 100% of the share value of the company is owned by Renault.
At Renault's factory in Moscow they produce the Logan model (from 2005 onwards), the Sandero (from 2010), the Mégane hatchback and the Duster (from 2012). Since its founding in 1998 Renault has sold more than one million vehicles in Russia, of which more than 500,000 are the Logan model. The three bestsellers from this marque are the Duster, Logan and Sandero, and they feature in the Top 10 foreign models sold in the Russian market. Their Duster off-roader holds the top place in SUV vehicles sold in Russia. This makes the Russian market one of the priority markets for Renault Group today.
The Russian Agency for the Insurance of Export Credits & Investments (EKSAR) was founded in 2011 as a Limited Share Capital company. The main purpose of the company is support for high-tech exports by insuring credit and political risks on export credits and insurance Russian investments abroad against political risks. The sole shareholder in EKSAR is Vneshekonombank. The issued share capital is stated at 30 billion rubles.