Credendo – Russian affiliate

Credendo's exit from Russia

Since the start of Russia’s military aggression against Ukraine on 24 February 2022, Credendo – Export Credit Agency has taken all appropriate measures to completely exit the Russian market.

As early as from February 2022, Credendo – Export Credit Agency no longer insured cross-border transactions with Russia and stopped providing any kind of financial assistance (such as in the form of reinsurance) to its Russian subsidiary.

Besides, Credendo – Export Credit Agency took the strategical decision to sell its participation in its Russian subsidiary. The divestment process is however being hindered by elements Credendo – Export Credit Agency does not control, such as the regulatory approvals required from the Russian authorities and a changing legal landscape.

In the meantime, Credendo – Export Credit Agency decided to maintain a strict operational distance with its Russian subsidiary. Accordingly, all board members of the Russian subsidiary appointed by Credendo – Export Credit Agency resigned from their mandate and Credendo – Export Credit Agency fully stopped intervening in the management of its Russian subsidiary. All support services provided by Credendo – Export Credit Agency to its Russian subsidiary have also been terminated.

Credendo – Export Credit Agency’s exit from Russia also implies that its Russian subsidiary is no longer part of the Credendo group consolidation perimeter. Consequently, the current participation in the Russian subsidiary has been reported in Credendo’s consolidated financial statements as discontinued operation since 2022.

Credendo – Export Credit Agency is convinced that the above measures have been taken in full compliance with the sanctions in place and to the best interests of its clients, employees and other stakeholders.