The Eurasian Economic Union (EEU) is set to create a Eurasian Reinsurance Company that will provide foreign-trade insurance services to member-states, with the agreement on its establishment already slated for ratification in the Russian lower house, the Russian government said in a statement on Friday
MOSCOW (Pakistan Point News / Sputnik - 24th March, 2023) The Eurasian Economic Union (EEU) is set to create a Eurasian Reinsurance Company that will provide foreign-trade insurance services to member-states, with the agreement on its establishment already slated for ratification in the Russian lower house, the Russian government said in a statement on Friday.
"The Eurasian Reinsurance Company will be created in the countries of the Eurasian Economic Union. The agreement on its creation has been approved by the government and passed for ratification to the State Duma," the statement read.
The company would provide insurance assistance to the EEU countries in their mutual and foreign trade, facilitate investment cooperation and ensure export credits, the Russian government stated, adding that Moscow's participation share in the authorized capital of the company would amount to some 6.8 billion rubles ($88 million) during 2023-2025.
The decision to establish the Eurasian Reinsurance Company was made last August by the heads of government of the countries of the EEU to support domestic and foreign trade and stimulate investment cooperation.
The authorized capital of the company will bet set at 15 billion rubles. A reserve fund will also be established within the company equivalent to 15% of its authorized capital to cover possible losses and redeem its bonds.
