On 3 June 2022 the EU adopted its sixth package of sanctions against Russia and Belarus. These prohibit the purchase, import or transfer of crude oil and certain petroleum products from Russia into the EU, as well as insuring and financing the transport, in particular through maritime routes,...
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(Lexology, London, 31 May 2022) On 19 March 2020, the European Commission adopted the Temporary Framework on State aid measures to support the economy in the current context of the COVID-19 outbreak. This included, amongst other forms of aid such as grants, advances, tax concessions, loans, etc...
more(European Commission, Brussels, 4 May 2022) The European Commission has approved, under EU State aid rules, the reintroduction of a Danish short-term export credit scheme. Under the scheme, the Danish State can cover risks of single export transactions. The scheme was originally approved in...
more(AssumeTech, Iceland, 21 April 2022) Aeroflot is considering the purchase of 8 chartered Airbus SE aircraft after the European Union provided a mechanism for lenders to dispose of some seized aircraft in Russia after the invasion of Ukraine, TASS reported. The planes operate under so-called...
more(European Council, Brussels, 15 March 2022) The Council's conclusion underlines that officially supported export credits are key levers in order to achieve priority policy goals for the European Union and its Member States. Such goals include the building of a strong industrial Europe, while...
more(Berne Union, London, 17 March 2022) The group leverages the Berne Union network to connect innovation in export credit with global problem-solving around climate challenges and sustainable development. The ultimate objective of the Climate Working Group is to accelerate climate action in the...
more(ECA Watch, Ottawa, 29 March 2022) As governments struggle to find fossil fuel supplies to offset dependence on imports from Russia, and transnational oil firms...
more(Global Trade Review, London 19 January 2022) A planned European Union law requiring large and businesses and financial institutions to conduct human rights and environmental due diligence should also apply to export credit agencies (ECAs), activists say. The initiative has strong support from...
more(ECA Watch, Amsterdam, 25 November 2021) The European Commission is working on a proposal for a directive on corporate social governance, which will include a regulation of the human rights and environmental due diligence (HREDD) obligations of corporations. We urge the proposed new regulation...
moreThe European Commission is working on a proposal for a directive on corporate social governance, which will include a regulation of the human rights and environmental due diligence (HREDD) obligations of corporations. We urge the proposed new regulation to become legally binding on the due...
more(Reuters, Moscow, 30 November 2021) Russian gas producer Novatek (NVTK.MM) said on Tuesday its Arctic LNG 2 plant has signed loan agreements with foreign and Russian banks worth 9.5 billion euros ($10.8 billion), securing necessary external financing for the project. Earlier this year, Novatek...
more(ECA Watch, Ottawa, 31 December 2021) The EFTA Surveillance Authority (ESA) which monitors non-EU European Free Trade Association States (Iceland, Liechtenstein and Norway) has adopted two sets of revised guidelines in the field of state aid: one on the promotion of risk finance investments and...
more(Guardian, London, 13 November 2021) A new alliance of financial institutions is committed to funding the changes necessary to avert climate catastrophe. Alliance Chair Mark Carney notes that six years ago, in Paris, countries reached an historic agreement to limit the global temperature rise...
more(Global Trade Review, London, 24 November 2021) Seven European countries have pledged to promote reforms and encourage green incentives in the export credit sector, but dashed campaigners’ hopes that they would axe public finance for fossil fuels more quickly than the end of 2022 deadline set...
more(Lexology, London, 4 October 2021) The European Commission launched a consultation process on 30 September 2021, sending a proposal to Member States on a sixth draft amendment to the Temporary Framework on State aid measures to support member economies in the current COVID-19 outbreak. The...
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