Export Credit Guarantee Corporation (ECGC) said on Monday that that it has altered the insurance cover category for Indian exports to Russia, under which revolving limits are endorsed on a case-to-case basis, amid the ongoing conflict between that country and Ukraine.
The corporation said in a articulation that “based on the near-term commercial outlook, it has been chosen to change the country-risk classification of Russia under the short-term and medium and long-term with effect from February 25”.
Modifying its underwriting policy on Russia, ECGC has now placed that country in Restricted Cover Category (RCC-I) from the prior ‘Open Cover’ category.
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