Work on an insurance mechanism follows Russia’s withdrawal from the Black Sea Grain Initiative last month, which threatens the safe passage of ships carrying grain to and from Ukrainian ports.
To keep grain shipments moving, Ukraine’s government will share potential losses with insurers, which should make cover for travel through risky Ukrainian waters more affordable for commercial shipping companies.
Russia’s withdrawal from the grain deal has had a chilling effect on merchant shipping around Ukraine’s three Black Sea ports as the Kremlin warned that ships leaving these ports might come under attack.
And earlier this month a Russian warship fired warning shots and boarded a cargo ship in the Black Sea it claims was headed to Ukraine.
Last week, the Hong Kong-flagged Joseph Schulte container ship became the first vessel to depart from any of Ukraine’s Black Sea ports since the grain deal broke down on July 17.
Persons:
—, ” Oleksandr Hryban, Marsh McLennan, Marsh, Oliver Wyman —, Hryban, Marcus Baker, ” Baker, Crispin Ellison, Oliver Wyman, ” Marsh McLennan, Joseph Schulte, Volodymyr Zelensky, ”
Organizations:
Kyiv CNN —, United Nations, “, CNN, Initiative, Kremlin, ”
Locations:
Kyiv, Kyiv CNN — Ukraine, Ukrainian, Turkey, London, Marsh, Russia, Ukraine, Russian, Hong Kong, Odesa, ” Ukraine