Promsvyazbank (PSB) has opened limited financing to Belarusian companies, it said on Thursday.

The equivalent of $18.9 million will be loaned to Magnezit, LLC., Energoprom-Novocherkassk Electrode Plant, among other Belarus suppliers, to deliver supplies to Russia.

The contract was completed under the auspices of the Russian Agency for Export Credit Insurance and Investment (EXIAR), which insures loans in case of default by borrowers.

PSB and EXIAR have had successful dealings since 2013. With this financing deal, the bank has been able to pursue new opportunities in the realm of Russian exports.

"This structure allows the bank to offer a comprehensive solution to satisfy foreign buyers of Russian goods and Russian exporters, particularly relevant in the current environment," Alexander Meshcheryakov, managing director of international, documentary and transactional business PSB, said.