Armenia to allocate 450 mln rubles for establishment of Eurasian Reinsurance Company

YEREVAN, June 13. /ARKA/. Armenian Economy Minister Vahan Kerobyan has submitted today to parliament's ratification an agreement on setting up the Eurasian Reinsurance Company. According to the minister, Armenia will allocate 450mln Russian rubles to that end.

Kerobyan said also that the reinsurance company is being set up to stimulate trade of the Eurasian Economic Union (EEU) member countries. According to him, this is the first organization, whose head office will be located in Yerevan.

He noted that the necessity of creating a reinsurance company emerged after a number of international insurance agencies refused to reinsure goods exported to Russia because of Western sanctions.

Kerobyan said the creation of the reinsurance company would provide a new tool, which will allow reinsuring risks of the Armenian insurance agency. According to him, Armenia's contribution to creation of the reinsurance company is 3% or 450 million Russian rubles.

Russia ratified the agreement on Eurasian Reinsurance Company on May 29, 2023. The agreement was signed in Yerevan on October 20, 2022 by representatives of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan following the meeting of the Eurasian intergovernmental council.

The agreement will enter into force after the completion of all necessary domestic procedures by the parties. -0-