At the St. Petersburg International Economic Forum, Sber, Eximbank of Russia, and Arkhangelsk Pulp and Paper Mill concluded a tripartite agreement on export financing. Deputy Chairman of the Sberbank Executive Board Anatoly Popov, Chairman of the Eximbank of Russia Board Azer Talybov, and Arkhangelsk Pulp and Paper Mill Financial Director Oleg Gubin signed the agreement.

Under the agreement, Eximbank of Russia extended a renewable line of credit to Arkhangelsk Pulp and Paper Mill for trade finance under its export contract which is secured by a standby letter of credit from Sber. The transaction is valued at RUB 500 mn.

The deal, implemented in the framework of Export Finance Platform, Eximbank of Russia and Sber's joint project, is the first of its kind in Russia. It is a tripartite arrangement developed especially for the platform, which will enable Eximbank of Russia to build support for export in the country. The platform's main clients will be commercial banks that service exporting companies.

Today wehave concluded a unique deal. To begin with, it is the first in our pilot project with Eximbank of Russia. Secondly, it is significant that the first exporter to receive financing on the platform is a company that operates in the Northwestern Federal District. I am certain that this agreement is only the beginning, and that we have ahead of us a variety of success stories related to Export Finance Platform.

Anatoly Popov

Deputy Chairman of the Executive Board, Sberbank

This new digital solution will allow us to provide Eximbank of Russia's products to a wider range of exporters, thereby improving the competitiveness of the Russian economy in general. The solution is digital platform-based, enabling us to minimize the amount of documentation requested. We will be providing documents electronically. All regulator demands will be fully complied with.

Azer Talybov

Chairman of the Board, Eximbank of Russia

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Sberbank of Russia published this content on 03 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 June 2021 14:36:00 UTC.