Insurers, banks not covering or financing chromium shipments to Ukraine

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...


Chloe Smith

April 16, 2014

17:05 GMT