Saturday, June 23, 2018

Russian customs authorizes Bank Koltso Urala to issue customs guarantees

Last week, the Russian Federal Customs Service included Bank Koltso Urala on its list of banks authorized to issue guarantees on customs payments.

Bank Koltso Urala can issue customs and duties guarantees valued at up to $980,000 per issue, with a total combined limit of $4.75 million, Ural Business Consulting reports.

"Being placed on this register gives Bank Koltso Urala the right to act as a guarantor for its customers involved in foreign economic activity in their dealings with the customs," Ekaterina Nikitina, the bank's corporate department head, said, according Ural Business Consulting. "A guarantee is written for them to receive the goods prior to the payment of customs duties."

International finance experts said Bank Koltso Urala can now allow for guarantee holders to delay customs payments or pay duty taxes in several smaller installments, affording corporate clients more efficient cash flow.