IBEC supports the export of Russian wheat
International Bank for Economic Co-operation takes part in the financing of Russian wheat export. IBEC has issued a reimbursement undertaking in the amount of EUR 7.2 million for a period of more than a year as security for a letter of credit from the Trade and Development Bank of Mongolia.
The completed transaction is an example of effective support for the export of Russian agricultural products using trade and export finance instruments with the participation of an international chain of counterparties. The confirming and financing bank for the letter of credit is VTB Bank (Europe) SE, which is a part of internationally present VTB Group.
Financial products offered by IBEC to support foreign trade contracts are in high demand and allow ensuring deals implementation at the international level, meeting the highest standards of efficiency and reliability. IBEC is strengthening its positions in the market, being a link in the chains of international settlements due to the risk taking on the banks of its member countries.
JSC VTB Bank, its subsidiary banks and financial organisations (VTB Group) is an international financial group, offering a wide range of financial and banking services and products in Russia, the CIS, and select countries of Europe, Asia, and Africa. VTB Group has the most extensive international network of any Russian bank, with more than 20 banks and financial companies in more than 20 countries. VTB is a trusted leader in the trade and export finance market working with partners from over 50 countries worldwide.