The Chinese state-owned company Sinosure, which insures export shipments against the risk of non-payment, began to refuse cooperation with Russian entrepreneurs. About this write edition of The Moscow Times.
According to them, when a foreign importer negotiates with a Chinese supplier to delay payment, the latter turns to Sinosure for delivery insurance. The insurer requests an assessment of the importing company from a partner in its country (for example, a bank), and the latter assigns it a credit rating.
After that, Sinosure approves the importer for a limit on the amount of delivery - usually up to 90-95%, with a grace period of 90-120 days - and issues insurance for the percentage. The importer pays for part of the delivery, and the exporter ships the goods. The importer must pay the remaining part of the funds after receiving the goods and before the end of the grace period. If he does not, the Chinese supplier will receive insurance compensation.
According to the interlocutors of Vedomosti, Russian business has recently had difficulties in working with Sinosure. One of the Chinese suppliers told the Russian importer that the state-owned company, citing internal politics, refused to insure their deal due to the nature of the exported goods. At the same time, it was about unauthorized chemical products, and the insurer did not reset the importer's limit to zero, which meant that the company could continue to work with Sinosure.
Another Russian businessman told Vedomosti about several cases of the limit being reset to zero for companies from Russia. At least three suppliers recently told another correspondent that their company was blacklisted by Sinosure. He has not yet managed to find out the reason for being put on the stop list.
One of the sources of "Vedomosti" notes that during interaction with Russian persons, Sinosure began to act by analogy with Chinese banks and refuses to insure the export of goods whose list coincides with the black list of a large state bank - Bank of China.
The reduction in insurance through Sinosure is particularly noticeable in such industries as energy, mechanical engineering and chemistry, where Russian companies have traditionally been active players, says Andrii Gusev, managing partner of the Nordic Star law firm. According to him, the reasons for this are complex: in addition to the risks of secondary sanctions and difficulties with payments, risks to Sinosure's reputation on the international market also play a role.
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