Source Pravda.Ru

Vneshekonombank guarantees $10bn worth of contacts between Russia and China

The total amount of the contracts, which were made between Russian andChinese companies and are being serviced by Vneshekonombank, is around$10bn, while $2-3bn in contacts are going through a stage of negotiations.According to the press service of Vneshekonombank, Chairman of the bankVladimir Chernukhin said so in Shanghai. Vneshekonombank is the onlyRussian bank offering its services for such a huge amount ofRussian-Chinese trade operations, it is pointed out in Chernukhin's report.The larger part of the bank's operations with Chinese partners is relatedto servicing the contracts made in the field of military and technicalcooperation as well as the nuclear energy sector. Vneshekonombank acts as a guarantor for export contracts made by Russianexporters with Chinese companies. As of today, the bank issued 20guarantees to a total amount of $600m for such contracts. In particular, inline with intergovernmental agreements, Vneshekonombank issued guaranteesfor the contacts made by Atomstroyexport and Rosoboronexport. Chinesecompanies accept direct guarantees of Vneshekonombank without additionalguarantees from large international banks. Vneshekonombank cooperates withthe Bank of China in the field of guaranteed operations. .

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&to=http://www.veb.ru/main_eng.html' target=_blank>VNESHEKONOMBANK

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