Despite sanctions on Russia ECA-backed business continues

(TFX, London, 12 June 2015) Despite the current sanctions environment, an anonymous industry poll at the recent TXF ECA Finance conference in Paris, suggested 25% of the audience had completed an ECA-backed transaction into Russia in 2015. The poll, which had close to three hundred respondents including banks, ECAs, exporters and borrowers, asked not only when was participants last ECA-backed deal into Russia, but also when would be their next such transaction. 26% said their next deal into Russia would be in the second half of 2015, and 12% said their next would come within quarter two. In particular, 55% of export credit agencies (ECAs) polled said their next deal into Russia would come this year, with 65% of European ECAs. The results seem to demonstrate that despite the current situation, some deals are getting done, and that it is possible to complete transactions that do not violate international sanctions law.