Nippon Export and Investment Insurance, or NEXI, said Sunday
it will phase out the underwriting of new trade insurance for deals with
Venezuela beginning Tuesday. The decision reflects concern that Venezuela, a
major oil producer, may fail to fulfill its payment obligations for Japanese
exports due to foreign currency shortages stemming from falling crude oil
prices, the government-affiliated agency said. It will be the first time that
Japan has suspended trade insurance coverage for economic reasons, instead of
deterioration in the local security situation, since it did so for Cuba in
2010. More… 
Monday, July 13, 2015
Japan to halt trade insurance for Venezuela
Nippon Export and Investment Insurance, or NEXI, said Sunday
it will phase out the underwriting of new trade insurance for deals with
Venezuela beginning Tuesday. The decision reflects concern that Venezuela, a
major oil producer, may fail to fulfill its payment obligations for Japanese
exports due to foreign currency shortages stemming from falling crude oil
prices, the government-affiliated agency said. It will be the first time that
Japan has suspended trade insurance coverage for economic reasons, instead of
deterioration in the local security situation, since it did so for Cuba in
2010. More… 
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