MOSCOW, May 24. /TASS/. The Council of Federation, the upper chamber of the Russian legislative assembly, has approved on Wednesday the law ratifying the agreement on foundation of the Eurasian Reinsurance Company (ERC) at its plenary session.

The document was signed on October 20, 2022 by Prime Ministers of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia after the meeting of the Eurasian Intergovernmental Council.

The Eurasian Reinsurance Company will be established for purposes of stimulating mutual and foreign trade and implementation of cooperative projects and investments of the Eurasian Economic Union. The reinsurer is anticipated to provide insurance support in mutual and foreign trade of member-states of the Eurasian Economic Union, foster development of investment cooperation and support export loans and interaction with credit agencies and insurers.