Draft law on establishing Export Support Center was submitted to the State Duma

21st May 2015

In the framework of the anti-crisis plan, the Government of the Russian Federation improves the system of Russian exports support and creates a new structure on the basis of the Russian Agency for Export Credit Insurance and Investment – Russian Export Center.

The new center is to create additional incentives for Russian export-oriented business.

The draft on establishing Russian Export Center was approved by the Government of the Russian Federation on April 30, 2015 and submitted to the State Duma, – says the information on the website of the Government of the Russian Federation. According to the amendments to the law “On Bank for Development”, the new structure will be established by Vnesheconombank (VEB) in the form of “Russian Export Center” (REC). REC will receive shares of the Russian Agency for Export Credit Insurance and Investment (EXIAR) and the Russian Export-Import Bank (Roseksimbank).

The center is intended to provide a single window for Russian exporters who are ready to receive state support measures. Thus, VEB through REC will provide financial and non-financial support for Russian exports. As recently stated by the Prime Minister Dmitry Medvedev, government measures to support exports will particularly be aimed at facilitating the maximum fiscal, customs and administrative procedures for exporting companies. The new center, as planned by the government, will work with governmental organizations, as well as will have the right to assess the effectiveness of implementation of certain state functions aimed at exports support.

The draft law defines the main directions of REC, EXIAR and Roseximbank activity, as well as enables Vnesheconombank and the new structure to carry out functions on organization of financial, insurance, guarantee and other export support. Earlier it was reported tha the government planned to allocate 60 billion rubles in 2015-2017 to the Center’s capital.

Export promotion, including via Russian Export Center is a part of the government anti-crisis plan. plans The decision to create a single export support center on the basis of EXIAR was taken by the government last summer. In early March the head of VEB Vladimir Dmitriev said that the decision to establish a special center to support industrial exports was finally adopted.

Now in Russia there is no comprehensive legal regulation of state system of export support and the mechanism of interaction between governmental and non-governmental institutions in this field. At the same time there is some duplication of rules in the existing legislation on foreign economic activities.

The document was developed by the Ministry of Economic Development of the Russian Federation. The deputies of the State Duma appointed First Deputy Minister of Economic Development Alexey Likhachev to represent the draft law.

Source: Kommersant

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