INSUBCONTINENT EXCLUSIVE:
Government has modified insurance cover category for Indian exports to RussiaNew Delhi: 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
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
In a press release, the corporation clarified that coverage on export to Russia has not been withdrawn."In view of the prevailing situation,
ECGC carried out a review of the country risk rating of Russia as per its extant underwriting policy
Accordingly, with effect from February 25, 2022, the cover category of Russia has been modified from Open Cover to RCC-I for which revolving
limits (normally valid for a year) are approved specifically on a case to case basis," it said.It is further clarified that this change has
been made to ensure that ECGC is able to assess and monitor the risks covered under its export credit insurance policies and to place
realisation prospects from buyers or banks in Russia.India's exports to Russia stood at $2.65 billion in 2020-21
