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20 March 2023, 17:39

Belarusian senators ratify agreement on Eurasian Reinsurance Company

Yuri Seliverstov
Yuri Seliverstov

MINSK, 20 March (BelTA) - Senators approved the draft law “On ratification of the agreement on the establishment of the Eurasian Reinsurance Company” at the tenth session of the Council of the Republic of the National Assembly of the seventh convocation on 20 March, BelTA has learned.

“The agreement provides for the establishment of the Eurasian Reinsurance Company, the activities of which are designed to promote trade among the EAEU member states by re-insuring the risks of exporting companies,” said Finance Minister Yuri Seliverstov.

According to him, the reduction of foreign reinsurance capacity due to the sanctions against Belarus and Russia has created objective prerequisites for finding an alternative solution. “One of the tools to increase the possibility of transferring risks abroad is the setting up of the Eurasian Reinsurance Company, the capital of which will be formed from the contributions of EAEU member states,” the minister said.

The provisions of the agreement provide for the establishment of the Eurasian Reinsurance Company, designed to help increase the volume of mutual trade, develop economic integration between the parties, increase investment attractiveness and expand trade and economic relations of the parties with third countries by carrying out reinsurance activities, Deputy Chairman of the Standing Committee on Foreign Affairs and National Security of the Council of the Republic Valery Gaidukevich said.

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