Interviews
Trade with Russia to touch $ 10 bn by 2010
11 Feb '08
2 min read
Further, Some of the Indian companies have pointed out that it is extremely difficult to establish the credit worthiness of new Russian companies.
While several small companies were set up in Russia during the nineties, bank reports / credit rating reports on these companies are not available. This makes dealing with such companies a risky proposition.
Russian banks also do not provide credit reports for companies on behalf of which they conduct transactions. The world over, it is a standard practice for banks to provide credit rating / reports on companies that conduct their transactions through the bank. However, requests made to Russian banks for such information about their clients do not elicit any response from the banks.
The FICCI Survey reveals that ECGC coverage for exports to Russia is very expensive. As many Russian companies fall in the high-risk category (with antecedents / credential checks being difficult), the premium charged by ECGC is very high.
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While several small companies were set up in Russia during the nineties, bank reports / credit rating reports on these companies are not available. This makes dealing with such companies a risky proposition.
Russian banks also do not provide credit reports for companies on behalf of which they conduct transactions. The world over, it is a standard practice for banks to provide credit rating / reports on companies that conduct their transactions through the bank. However, requests made to Russian banks for such information about their clients do not elicit any response from the banks.
The FICCI Survey reveals that ECGC coverage for exports to Russia is very expensive. As many Russian companies fall in the high-risk category (with antecedents / credential checks being difficult), the premium charged by ECGC is very high.
Click here to view more:
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