URF LAUNCHES IN RUSSIA

The Uniform Rules for Forfaiting (URF) (ICC Publication No. 800) have been published in Russian by ICC Russia and launched in the local market.

Our Chairman, Sean Edwards, attended an ICC seminar in Moscow to publicise the rules and educate local market participants on the benefits and flexibility of forfaiting. Its potential for Russian bank and exporters is widely acknowledged but the use of forfaiting is currently being hampered by Central Bank foreign currency regulations. ITFA will be assisting local efforts to lobby for appropriate changes to be made.