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RUSSIA OFFER INSURANCE AGAINST ITS OWN OFFICIALS

Foreign companies which suffer unfair treatment at the hands of Russian judges, custom agents or politicians will be able to seek full compensation from the government under a pioneering programme.

The Federal Centre for Project Finance, an agency of the Russian government, is to offer “non-commercial risk” insurance in conjunction with the World Bank designed to indemnify foreign lenders against “government performance and force majeure”.

The initiative is designed to force the government to seek to resolve disputes with politicians and officials when conflicts arise. Failing that they will be referred to international arbitration and any compensation payments will be deducted from the federal budget.

It could help boost Russia’s volume of foreign direct investment, which remains very low in reflection of continued suspicion by companies over the country’s unstable regulations, taxes and legal system. In the first six months of this year, investment was just $1.9bn (£1.2bn), down 25 per cent on the same period of 2001.

The programme comes at a time when foreign states’ export credit agencies remain reluctant to indemnify business with Russia, and the cost of borrowing remain high partly because of the political risks.

The “non-commercial risk guarantee” will begin by offering insurance for projects in the coal and timber industries – two of the government’s top priorities for economic restructuring.

THE FINANCIAL TIMES, Sept. 12, 2002