Ukraine Nears Deal with Insurers to Cover Grain Ships

Ukraine is finalizing plans to strike a deal with global insurance firms to provide coverage for its grain ships traveling to and from Black Sea ports, according to Deputy Minister of Economy Oleksandr Gryban, as reported by the Financial Times on Monday.

Gryban stated that the agreement is currently being prepared, and it is under continuous discussion between the relevant ministries, local banks, and international insurance groups, including Lloyd's of London.

Presently, Ukraine utilizes the Danube River for exporting its grains, with a significant portion of the produce transported across the river and ultimately reaching the Black Sea at the Ukrainian-Romanian border.

Russia has escalated attacks on Ukraine's infrastructure along the Danube and the Black Sea since its withdrawal from the UN-mediated agreement that came into effect in the summer of 2022, facilitated by Turkey.

This agreement enabled the export of grains from southern Ukrainian ports despite the blockade imposed by Russia.

As the international community seeks ways to secure timely grain export routes for the upcoming harvest season in the fall, both Ukraine and Russia stand as major grain-exporting countries.

Russia exited the grain agreement, stating that it had failed to achieve its intended goal of aiding needy populations, particularly in African nations—a region Moscow is keen on bolstering relationships with to avoid isolation on the global stage.