The Swedish government proposes to allocate SEK 333 million (about $30 million at the current exchange rate) for special export credit guarantees for companies trading with Ukraine, the Ministry of Economy reported on Tuesday.

According to the release, Swedish officials have included a corresponding initiative in the draft budget for 2024; the document is awaiting approval.

"The fact that from next year Sweden will insure against risks in Ukraine is an important signal. This means that the investment insurance market in our country, despite all the security challenges, is starting to work. We are very grateful to the Swedish government and hope that this decision will be supported by Riksdag," First Deputy Prime Minister – Minister of Economy Yulia Svyrydenko is quoted as saying.

The department clarified that the guarantees would be covered by the Swedish Export Credit Agency. They will apply to Swedish companies' exports of goods that can be classified as development assistance, and will apply to transactions for up to three years, but no later than the end of 2026.

The Ministry of Economy recalled that earlier participation in political risk insurance for the operation of their companies in Ukraine had already been confirmed by export credit agencies of Germany, France, Italy, Great Britain and Japan. Also, the state-owned Polish Export Credit Insurance Corporation (KUKE) is ready to insure Ukrainian and international investors.