Prime Ministers of the EAEU countries agreed on the creation of the Eurasian Reinsurance Company

The Prime Ministers of the countries of the Eurasian Economic Union (EAEU) decided to establish the Eurasian Reinsurance Company (EPC). This was announced by Russian Prime Minister Mikhail Mishustin, who took part in a meeting of the Eurasian Intergovernmental Council.

Mikhail Mishustin noted that Western sanctions pressure on Russia and Belarus is increasing. It is Russia and Belarus will become the main founders of EPK with shares of 45% and 30% of the authorized capital, respectively. 20% of the EPC will be contributed by Kazakhstan, 3% – by Armenia, 2% – by Kyrgyzstan.

The main purpose of the EPC is to insure export deliveries and risks that cannot be reinsured in developed countries. According to Mikhail Mishustin, this company will become a new tool for promoting the business of the EAEU countries.

The Russian prime minister also said that the EAEU countries are actively switching to settlements in national currencies. According to him, this figure has already reached 75%. “We call on our colleagues to implement our own international financial settlement mechanisms as soon as possible,” Mikhail Mishustin added at a meeting of the Eurasian Intergovernmental Council in Cholpon-Ata, Kyrgyzstan.

Read more about the Eurasian Intergovernmental Council in the material “EAEU will distribute insurance risks”.

Anastasia Larina