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Thursday, March 21, 2019

EURASIAN DEVELOPMENT BANK: The Ministry of Finance proposed to establish the amount of bank guarantees of VEB.RF and EDB for customs

Eurasian Development Bank issued the following announcement on Feb. 4.

The Ministry of Finance of the Russian Federation proposed to determine for VEB.RF and the Eurasian Development Bank (EDB) the maximum amount of bank guarantees for submission to the customs authorities. Data on the development of a legal act is posted on Friday on the portal of legal information.

"In order to create equal conditions for determining maximum amounts for credit institutions and VEB.RF, as well as the EDB, it is proposed. to set the maximum amount of all simultaneously valid bank guarantees issued by VEB.RF or EDB, for acceptance of bank guarantees by the customs authorities 20% of the amount of the bank’s own funds, and the maximum amount of one bank guarantee is 5% of the amount of own funds, ”the explanatory note to the draft law says.

As noted, the maximum amount of all simultaneously valid bank guarantees issued by VEB.RF will be 80 billion rubles, the amount of one bank guarantee is 20 billion rubles, and for the EDB - 23 billion rubles and 6 billion rubles, respectively.

The expected date of entry into force of the bill is January 2020, the end date of the public debate is February 14, 2019.

Original source can be found here.

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Eurasian Development Bank

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