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BOARD of ADVISORS


DELTA
Alfreda Turner
Manager
Commercial Development
Department 779

Ms Guner Y. Dayton
Account Executive
Commercial Development
Department 779

Moreson Conferencing, Inc.
Mark Jackson CEO and Chairman
1116 20th Street South
Birmingham, AL 35205
United States
Tel: 800-368-1977

MILLIAN GROUP, INC.
Sergio Millian President and CEO
Atlanta, GA 30324
tel 404-667-9319
fax 404-559-0418

PACE ALBRIGHT, LLC.
Larry Gashi Sr. Partner
Atlanta GA 30339
tel 678-784-0500

INTERCHALLENGE
Alicia Moreno, Vice President
Atlanta, GA 30324
tel 404-816-8861
fax 404-559-0418

DELOITTE
Andrey Shperling
Audit and Enterprise Risk Services
Deloitte & Touche LLP
Suite 1500
191 Peachtree Street NE
Atlanta, GA 30303-1924
Tel.: 404.460.3562
Fax: 404.890.9946

International Leadership Council
Mark Pierson Chairman
Email: global@bellsouth.net
Phone: 404-663-2606
Fax: 404-827-0169

Munson Contact Design Group, Inc.
James R Munson
Tel.: (404) 403-5837
jmunson@munsoncdg.com
769 Old Ivy Rd, 30342 - Altanta,GA

Sandra D. Robertson
President
Robertson Consulting International, CPAs
Atlanta, GA U.S.A.
404 607-9138 mobile: 404 405-5270
www.RConsultant.com

Multichoice Marketing
Advertising Agency,
Dmitriy Goroshin, Vice-President
3855 Holcomb Bridge Rd, Suite 300,
Norcross, GA 30092
Phone: 770-447-0208; Fax: 770-447-0790
www.multichoicemarketing.com

Spiritual Diplomacy
Michael Morgulis
P.O. Box 7789
North Port, FL 34287
(941) 429-1382

PARTNERS


Russian Fashion Week
21/22 4th Tverskaya Yamskaya Str.,
Bldg. 3, Moscow, 125047, Russia

The Southern Center for International Studies

Embassy Of Ukraine to the United States of America
3350 M Street, NW, Washington DC 20007
202.333.0606
202/333-0817 FAX

Department of economic development, investments and external relations of Krasnodar Region
Address: Krasnodar City, 350014, Krasnaya Street, 35
Tel.: +7 (861) 262-58-39
Fax: +7 (861) 268-48-05
Email: depec@kuban.ru

Russian Federation Chamber of Commerce and Industry
One Market Street, Stuart Tower, Suite 1003
San Francisco CA 94105 USA 8.
Tel.: (1415) 278-0977
Fax: (1415)278-0947

Russian Chamber of Commerce in European Union
Štefanikova 6,
040 01 Košice,
Slovakia,
Telephone: +421 55 728 9267,
Fax: +421 55 728-9269
Fax: +421 55 728-9269

ICC Ukraine International Chamber of Commerce

Belarusian Chamber of Commerce and Industry

German American Chamber of Commerce in the South East USA
530 Means St NW Atlanta, GA 30318 (404) 586-6800

Technology Association of Georgia

Russian-American Federation

Gwinnett Chamber of Commerce

International Leadership Council

International Partnership Council

International Real Estate Council of Georgia

World Congress Center

AAIT

Embassy of the Republic of Belarus
1619 New Hampshire Ave., NW
Washington, DC 20009

Birmingham International Center

Novosibirsk Chamber of Commerce and Industry

Northern Chamber of Commerce and Industry

Karelia Chamber of Commerce and Industry

Pskov Chamber of Commerce and Industry

Tomsk Chamber of Commerce and Industry

The Coalition for U.S. – Russia Trade


  

Trade Finance in Russia

Overview
The total value of Russia's foreign trade in 2001 was $142 billion according to the State Customs Committee. Obviously, this volume of trade generates ample trade finance opportunities. The size of Russian banks, small by Western standards, and their high interest rates result in demand from local exporters and importers for less expensive western capital. However, from both a commercial and legal standpoint, Russia remains a high-risk environment for trade finance products.

As is common in many other emerging markets, the legal system of Russia imposes stringent currency exchange controls upon its residents. A limited number of transactions (e.g., payments for exports or imports of goods, including those involving commercial credits of up to 90 days) may be carried out without a license from the Bank of Russia.

Pre-Export Loans
In this legal environment, pre-export loans, secured by export receivables, remain a major tool for financing Russian commodity exports. A typical pre-export finance transaction would involve a syndicate of banks, the borrower (either a producer or its affiliate), an off-shore trading company controlled by the borrower, and final off-taker(s). A 180-day limitation on the term of loans that may be obtained without a currency license has recently been lifted; however, financings are still affected by the requirement that export proceeds be repatriated and partially sold for Rubles in the local currency market.

Factoring and Forfeiting
The use of factoring and forfeiting as export finance vehicles is also hindered by currency regulations. The Bank of Russia has traditionally viewed an assignment of export receivables as a transaction involving the movement of capital and, thus, a licensable transaction. Similarly, a forfeiting structure requires a Russian exporter to obtain a license for receiving and endorsing a foreign currency-denominated note.

Letter of Credit
Import finance is primarily based on financings provided by Russian banks. Sometimes a financing takes the form of a letter of credit facility, whereby a western advising bank defers reimbursement from a Russian issuing bank, with recourse against a policy from a western export credit agency. Given the immaturity of Russian commercial legislation and unclear prospects of enforcement through Russian courts, western financiers are normally reluctant to take the direct credit risk of a Russian importer in substantial amounts relying solely on collateral that is located in Russia. The absence of registration systems for most types of collateral as well as controversial laws on security interests often detract from the value and effectiveness of security in Russia generally.

 
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