Germany suspends Russian export credit guarantees

(Wall Street Journal, Berlin, 25 February 2022) Berlin has stopped the approval of export credit and investment guarantees for Russia, the Economy Ministry said. With the so-called Hermes cover credit export guarantees, the German government protects companies against the insolvency of foreign customers. Germany issued such guarantees for trade with Russia to the tune of 1.49 billion euros, equivalent to $1.67 billion, in 2021, the ministry said. The instrument has been in use since 1949. ECA Watch Italian member ReCommon has asked SACE to clarify its position given its EUR 4.3 billion exposure in Russia. Numberous other international sanctions have been imposed on Russa.