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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 shipments...
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Euromoney Institutional Investor PLC.
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