A National System of Export Compliance based on the principle of voluntary certification may appear in Russia. Such a tool will allow Russian exporters to reduce the sanction risks in the supply of their goods to the EU countries. The initiative was announced by Denis Manturov, Minister of Industry and Trade of Russia.
"It is proposed to consider the possibility of creating a system of export compliance on the principle of voluntary certification on the territory of Russia and then to extend it to other EAEU member states," the minister’s words appear on the Ministry’s website. In his opinion, such a system "will allow Russian exporters to significantly reduce the sanction risks in the implementation of deliveries to EU countries at the expense of two new tools for the Russian practice."
Manturov explained that first of all we are talking about certification of exporters and their products for compliance with Russian and foreign legislation, the results of which will be recognized by customs authorities and counterparties in the EU countries. According to the head of the Ministry of Industry and Trade, the second tool is "a mechanism for collecting, storing and exchanging much more complete, confirmed information about the product and the production process, which can be provided in advance to the controlling foreign authority with due confidentiality."
Such a system will significantly reduce the "credit and insurance risks in relation to exporters who have undergone conformity assessment under export compliance, which will increase their access to export financing and insurance on more favorable terms," said Manturov. The minister also clarified that the system will be able to function in the event of mutual recognition of Russian and international (European) export compliance certificates. In addition, it will be necessary to work out the possibility of granting additional preferences for Russian exporters, including privileges for export crediting and insurance.
Source: rynok-apk.ru.
