The joint agency of Enterprise Estonia and KredEx has terminated activities related to Russia and Belarus
The joint agency of Enterprise Estonia and KredEx has terminated tourism activities related to Russia, recalled its tourism representative in Moscow, and cancelled participation in business fairs in Russia and Belarus. The servicing of all foreign investment projects in Russia and Belarus has been terminated.
‘We have stopped all business and marketing activities in Russia and Belarus. We stand firmly for Ukraine’s independence, territorial integrity, and sovereignty within its internationally recognised borders. The war initiated by Russia is having an ever-deepening impact on the global economy. Many Estonian companies are already affected today, either directly or through disrupted supply and distribution chains. The joint agency operates in partnership with other parties in the open sector to find alternative markets for our entrepreneurs and opportunities for cooperation with entrepreneurs from other countries. We are in direct communication with many of our clients to map and find solutions in a rapidly changing geopolitical and economic-political situation,’ said Lauri Lugna, CEO of the joint agency of Enterprise Estonia and KredEx.
The ‘Work in Estonia’ programme actively shares operational information and the International House of Estonia gives priority to Ukrainians. Applications for start-up visas from Ukrainian citizens will be processed on a priority basis and the process will be shortened to 1–2 days.
Ukraine has been one of the main target countries for e-residency for three years. Estonia has more than 5000 Ukrainian e-residents, who have set up nearly 1600 businesses. The processing of e-residency applications from Russian and Belarusian citizens has been temporarily suspended, as well as the issuance of digital ID cards for e-residents at Estonian Embassies in Moscow and Minsk. The e-residency programme and the e-residency community of more than 90,000 e-residents support Ukraine and the Estonian businesses created by Ukrainian e-residents by introducing them and sharing operational information.
KredEx Krediidikindlustus discontinued offering new insurance limits in Russia and Ukraine due to the hostilities. None of KredEx’s export loans have been financed from sales transactions with buyers in Ukraine, Russia or Belarus.
In order to mitigate temporary liquidity problems, the joint agency is ready to offer guarantees to help businesses obtain additional working capital from commercial banks. If the situation worsens, they are ready to provide additional guarantee and loan measures.
For Ukrainian citizens and businesses, a constantly updated website of questions and answers has been set up on issues related to arrival and temporary resettlement in Estonia, which is available here: https://investinestonia.com/for-ukrainians/.