Following the Federal law No236-FZ of 18 July 2011 which came into force on 22 July 2011, Vnesheconombank, a stateowned bank, is given with authority to establish an open joint stock company (the "Agency"). The Agency will insure exports of Russian goods, services and investments abroad. The Russian government shall adopt a procedure under which Russian exporters, investors and their banks and contractors may draw up an insurance policy from the Agency against entrepreneurial and political risks. The Agency will not be subject to the ordinary licensing procedure.  

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