Being acutely aware of the credit risks caused by economic sanctions imposed upon Russia after its invasion of Ukraine, FENC responded with agility as well as precision forecast and successfully recovered US$3.61 million in credit.

1. Risk Forecast with Scenario Analysis
The Company started paying close attention to the development of the war between Russia and Ukraine at the end of 2021, preparing scenario analyses with response measures and a series of risk control drills.

2. Agile Response to the Outbreak of War
When Russia began invading Ukraine on February 24, 2022, FENC immediately held an inter-departmental emergency meeting to take stock of areas with risk exposure, solidify guidelines for actions to be taken by applicable units and establish consensus regarding duties and jurisdictions. In light of the constant shifts in global dynamics as warfare and geopolitical tensions escalate, the Company remained alert with its risk control response and reviewed the progress of its credit operation weekly.

3. Mission Accomplished Through Team Efforts
FENC foresaw the butterfly effect of the economic sanctions against Russia and overcame cash flow and logistics challenges with the help of FENC’s worldwide trade management units. In mid-July, after five months of coordinated efforts, the Company was able to recover US$3.61 million, the totality of its credit lending.