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Cover stop for Russia and Belarus

News

cover stop for russia and belarus

In the light of the Russian attack on Ukraine, the Federal Government suspended the underwriting of export credit guarantees (so-called Hermes Cover) and investment guarantees by the Federal Government for Russia and Belarus on Thursday, February 24, 2022 until further notice. No applications for underwriting export credit guarantees and investment guarantees will be processed for these countries.

An EU-wide ban on export credit and investment guarantees for Russia also came into effect on Saturday, February 26, 2022. Existing export credit and investment guarantees continue to protect exporters, financing banks and investors against payment defaults and political risks in Russia and Belarus.

 

We will keep you informed about further developments.

 

Further announcements:

Here you will find news items from the Federal Ministry of Economic Affairs and Climate Action (BMWK) compiled:

Cover policy
investment guarantees

RUSSIA

The underwriting of investment guarantees by the German government for Russia was suspended until further notice by the Federal Government on Thursday, February 24, 2022. Since Saturday, February 26, 2022, there has also been an EU-wide ban on investment guarantees for Russia.

 

Belarus

The underwriting of investment guarantees by the federal government for Belarus was suspended by the federal government on Thursday, February 24, 2022 until further notice.

 

Ukraine

With regard to applications for investment guarantees for investments in Ukraine, the Federal Government is continuously monitoring the current dynamic situation. It is and remains the aim of the German Government to provide Ukraine with the best possible economic support. Decisions on applications are made on a case-by-case basis on the basis of the respective risk situation. Existing investment guarantees continue to protect investors and financing banks against political risks in Ukraine.

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FAQ

Here you will find answers to the most frequently asked questions. Please feel free to contact us for further information.

In the light of the Russian attack on Ukraine, the Federal Government suspended the underwriting of export credit guarantees (so-called Hermes Cover) and investment guarantees by the Federal Government for Russia and Belarus on Thursday, February 24, 2022 until further notice. No applications for underwriting export credit guarantees and investment guarantees will be processed for these countries.An EU-wide ban on export credit and investment guarantees for Russia also came into effect on Saturday, February 26, 2022. Existing export credit and investment guarantees continue to protect exporters, financing banks and investors against payment defaults and political risks in Russia and Belarus.
 
 We will keep you informed about further developments.

Existing investment guarantees continue to protect investors against political risks in Russia and Belarus.

With regard to applications for investment guarantees for investments in Ukraine, the Federal Government is continuously monitoring the current dynamic situation. It is and remains the aim of the German Government to provide Ukraine with the best possible economic support. Decisions on applications are made on a case-by-case basis on the basis of the respective risk situation. Existing investment guarantees continue to protect investors and financing banks against political risks in Ukraine.

Further information

We have summarized the most important information for you.

The General Conditions for Investment Guarantees must be observed in any case. The current version can be found at "Quick Links" - "Terms and Conditions" or here.

Please inform us immediately if you become aware of any risk-increasing circumstances or if your project is threatened or affected by the risks mentioned in § 4 (1) of the General Terms and Conditions for Investment Guarantees. It is not necessary that you report the generally known warlike events in Ukraine as risk-increasing circumstances to us. For more information on how to deal with risk-increasing circumstances, please visit the relevant page on our website. 

The Federal Government will try to support you diplomatically in case of a threatening loss of your project in Russia, Belarus or Ukraine. If the loss of your project cannot be prevented, the Federal Government will check whether a loss event has occurred under the guarantee as part of the processing of your compensation application.  If a loss event is developing or may have already occurred, please contact your contact person immediately or report to one of the contacts listed below. 

For more information on federal government crisis management, claims assessment, and compensation, please feel free to visit the appropriate pages on our website. 

Overview of dealing with existing sanctions

Both the EU and the German Federal Office for Economic Affairs and Export Control (BAFA) have published handouts on how to deal with the sanctions, which contain the essential information as well as helpful explanations. 

Contact

Anita Lohkamp

Portfolio Management, Legal Advice, Claims

Dr. Benjamin Siering

Portfolio Management, Legal Advice, Claims

Farina Rütters

Portfolio Management, Legal Advice, Claims

Tilmann Prechtl

Project Consulting, Legal Advice, Claims