Japan's NEXI halts export insurance cover for Venezuela

Argus, Kyoto, 13 July 2015) Japan's state-backed export insurance agency Nexi has suspended underwriting new insurance for trade and investment in Venezuela as the Latin American producer faces foreign currency shortages amid weaker oil prices. Nexi will halt issuing almost all new insurance policies for trade deals and investment in Venezuela tomorrow and some comprehensive export credit and buyers' credit insurance by 21 July. The move follows some Japanese trading houses failing to recover around ¥20bn ($160mn) in payments from Venezuelan firms for their automobile exports.