Russia ratified the agreement on the Eurasian Reinsurance Company

Russian President Vladimir Putin signed a law ratifying the agreement on the establishment of the Eurasian Reinsurance Company (EPC). Document published on the official portal of legal information.

On the creation of the YPC within the framework of the Eurasian Economic Union (EAEU) became known in the summer of 2022, the Prime Ministers of the countries of the union made such a decision on August 26. As Russian Prime Minister Mikhail Mishustin said, the organization “will stimulate the development of investment cooperation, provide export loans and interaction with credit agencies and insurers.” It is also planned that the company will issue its own securities and participate in project financing.

The assistant to the chairman of the Eurasian Economic Commission (EEC), Iya Malkina, then said that the potential reinsurance capacity of the EIC was estimated at about $2 billion, and the statutory fund, formed at the expense of contributions from members of the EAEU, would be about 15 billion rubles.

Financing the costs of paying for a share in the authorized capital of EPK in the amount of 6.75 billion rubles. during 2023-2025 will be carried out at the expense of the Ministry of Finance. According to Vedomosti experts, the organization should solve the problems of Western export agencies refusing to work with Russia.

The agreement on the establishment of the YPC was signed by the heads of government of Russia, Armenia, Belarus, Kyrgyzstan and Kazakhstan on October 20, 2022 in Yerevan. The State Duma of the Russian Federation ratified the agreement on May 16, the Federation Council did it on May 26.