Export-Import Bank of the United States in Russia

Russia is a strategic market for American firms, particularly for small- and medium-sized companies. The Export-Import bank has been working to expand the scope of its financing activities to help U.S. businesses take advantage of Russia's current economic expansion and growth. In fiscal year 2002, Export-Import Bank authorized financing to support approximately $13 billion of U.S. exports worldwide.

In 1992, Export-Import Bank partnered with Vnesheconombank (The State Bank for Foreign Economic Activities "VEB") and concluded a Sovereign Framework Agreement, which established a process for financing of projects by Export-Import Bank. Under this agreement, Export-Import Bank and VEB financed over 30 individual transactions in excess of $1.0 billion. These projects supported U.S. exports in various sectors, including aerospace, medical, agricultural, and mining.

On September 26, Export-Import Bank and VEB signed a cooperation agreement that is intended to establish long-term collaboration to facilitate Russian and U.S. exports of capital goods and services to third countries. Export-Import Bank and VEB will develop closer cooperation by 1) exchanging information on potential projects in third countries, 2) exploring opportunities under each Party's Trade Finance and Project Finance programs, and 3) identifying strategic sectors such as oil and gas, telecommunications, energy and mining.