A reinsurance company will be created in the EAEU countries.

A reinsurance company will appear in the EAEU countries, the agreement was approved by the Cabinet of Ministers for submission to the State Duma for ratification, the press service of the Russian government reports.

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“The Eurasian Reinsurance Company will be created in the countries of the Eurasian Economic Union (EAEU). The agreement on its establishment has been approved by the government for submission to the State Duma for ratification,” the report says.

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The Eurasian Reinsurance Company will provide insurance support in mutual and foreign trade to the participants of the EAEU countries, stimulate the development of investment cooperation, provide export loans and interact with credit agencies and insurers, the press service specified.

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“In 2023-2025, the cost of paying for Russia’s share in the authorized capital of the organization will amount to 6.75 billion rubles and will be financed from the federal budget,” the report says.

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The agreement on the establishment of the Eurasian Reinsurance Company was signed in Yerevan on October 20, 2022 following the meeting of the Eurasian Intergovernmental Council.