Government Modifies Insurance Cover Category For Exports To Russia

Export Credit Guarantee Corporation said on Monday that it has modified the insurance cover category for Indian exports to Russia

Export Credit Guarantee Corporation (ECGC) said on Monday that it has modified the insurance cover category for Indian exports to Russia, under which revolving limits are approved on a case-to-case basis, amid the ongoing conflict between that country and Ukraine.

The corporation said in a statement that "based on the near-term commercial outlook, it has been decided to modify the country-risk classification of Russia under the short-term and medium and long-term with effect from February 25".

Revising its underwriting policy on Russia, ECGC has now put that country in Restricted Cover Category (RCC-I) from the earlier 'Open Cover' category.

Open cover categories enable policyholders to obtain cover on a more liberalised basis. In a press release, the corporation clarified that coverage on export to Russia has not been withdrawn.