Indian exporters hold back shipments to CIS

(Deccan Chronicle, Secunderabad, 28 February 2022) The Export Credit Guarantee Corporation (ECGC) [of India] has decided to withdraw coverage for shipments to Russia with effect from February 25. ECGC in a communication had said: “based on the 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.” Indian exporters to Russia and CIS countries face uncertainty over goods worth $500 million due to the withdrawal of credit guarantee cover on items bound for the region, sanctions on Russian banks and feared disruptions at ports in the Baltic region.