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Ukraine nears deal with global insurers to cover grain ships - FT

21 August 2023 09:00 (UTC +04:00)

Ukraine is finalizing a scheme with global insurers to cover grain ships traveling to and from its Black Sea ports, a vital step in the country’s attempts to create a safe corridor for exports after Russia withdrew from an UN-brokered deal last month, APA reports citing The Financial Times.

Oleksandr Gryban, Ukraine’s deputy economy minister, told the Financial Times that the deal was “currently being pursued and actively discussed” between the relevant ministries, as well as local banks and international insurance groups including Lloyd’s of London.

According to the source, the scheme could be put in place as early as next month and could see as many as five to 30 ships covered to travel through what he described as the “danger spot” of Ukrainian waters.

“It depends on how the structure goes and what the level of risk-sharing is going to be between the government and private insurance companies,” said Gryban.