URSA Bank’s Yekaterinburg branch was put on the list of banks that are allowed to act as customs guarantors, Russia’s Federal Customs Service reports. This means the local subsidiary is now permitted to produce banker’s guarantees (such as the guarantee of paying customs charges or guarantee of using excise duty stamps) without having to involve URSA Bank’s head office first.

'This country’s legislation provides for several ways of ensuring performance of exporting/importing company’s obligations, namely, a deposit, some insurance, collateral, a surety commitment, and a banker’s guarantee, the latter being the least expensive and the most convenient one. Using a banker’s guarantee means you don’t have to withdraw any money from your business to be able to provide a deposit or collateral; it also spares you the trouble of looking for a suitable guarantor,’ says the director of URSA Bank’s Yekaterinburg branch Maxim Krasnikov.

Customers can now go directly to the bank’s Trade Financing Department if they want URSA Bank to provide a customs guarantee for them.