VTB Bank has opened the first two import letters of credit in Chinese yuan for Stavropolstroioptorg, a major south Russian wholesale-retail operator for the client’s financial settlements on contracts with Chinese suppliers. VTB has provided LC funding in equivalent roubles, reducing the client’s currency risks.
«Given Russia’s increasing trade turnover with countries in the Asia Pacific Region, VTB is actively developing services for our clients’ import operations. Our partners often set us challenging, unusual tasks in making settlements with Asian suppliers. We treat each such deal on a case by case basis, offering optimal solutions, helping avoid additional currency risks».
Deputy President and Chairman of VTB Bank Management Board
“Stavropolstroioptorg is rapidly developing its contacts with Chinese companies. Suppliers from China account for over 20 percent of our procurements. Letters of credit enable us to grow relations with new suppliers and build cooperation with existing partners more confidently. VTB Bank is our financial partner as of this year. The results of our cooperation show that we made the right choice in entrusting VTB with servicing our company’s foreign economic operations,” Stavropolstroioptorg CEO Viktor Kalashnikov said.