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Insurers, banks not covering or financing chromium shipments to Ukraine
April 16, 2014 - 17:05 GMT
Chromium suppliers have been unable to secure insurance or financing for material delivered to Ukraine, sources told Metal Bulletin.
The tensions between Ukraine and Russia have sent
Ukraine’s currency sliding against the dollar,
making insurance companies and banks unwilling to cover or
finance chromium shipments going to Ukraine on fears that
customers might be unable to pay once the material arrives.
"European banks and insurance companies are a little bit
worried but it is understandable because the situation means
they have to be a bit more careful," a supplier of Russian
material told Metal Bulletin. "Insurance companies are refusing
to insure business with Ukraine which means we have to take the
risks ourselves," the supplier said. Banks, which typically
finance 70-80% of business, are also now unwilling to finance
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Euromoney Institutional Investor PLC.
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