Kyiv in talks with global insurers to insure grain-carrying ships

Ukraine is negotiating with global insurers to insure grain-carrying ships that sail to Ukrainian Black Sea ports and return with cargo, the Financial Times reported on Monday, citing Oleksandr Hryban, the Deputy Minister of Economy of Ukraine.

He claimed the deal is “currently underway and under active consideration” between the relevant ministries, as well as local banks and international insurance groups, Lloyd’s of London among them.

The Grain Agreement, which allowed exports of agricultural products from the Black Sea ports blocked by Russia, was concluded in July 2022, on the backdrop of Russia’s invasion of Ukraine, with the help of Turkey and the United Nations. The contract has been extended several times. On July 17, Russia withdrew from this agreement and said that some points related to the export of Russian fertilizers and food had not been fulfilled.

Since then Russian troops have repeatedly bombarded the Odessa region of Ukraine, destroying part of its infrastructure. In addition, the Kremlin cited the attack on the Crimean bridge on the night of July 17 as the reason behind its actions.

The Grain Agreement has ensured the exports of more than 33 million tons of agricultural products from Odessa ports to the world market. The United States, the European Union and the United Nations have urged Russia to resume its participation in the agreement.