Ukraine says it has agreed discounts with UK on insurance for Black Sea exports

Ukraine said on Tuesday November 14th that it had agreed a “special mechanism” with the UK and a consortium of UK-based (presumably London market) insurers to offer discounted war insurance on the country’s exports,

Prime Minister Denys Shmygal did not provide further details on how the mechanism would work; neither did he say what would be the level of the discount. He said only that it would make shipments via the Black Sea “more accessible to a wider range of exporters.”

Shmygal said that the mechanism would provide for a “discount on the cost of war risk insurance for exporters of all products from Ukraine.”

In late August Ukraine launched a new “humanitarian corridor” – a sea route for civilian ships that sticks to the coastal regions of Ukraine, Romania, Bulgaria and Turkiye on the vessels’ journey to Istanbul and then beyond into international waters.

Last week a Russian strike on a vessel entering the Ukrainian port of Pivdennyi in the Odesa region killed one person, Ukrainian officials said. The UK military analysis was that the strike was probably the result of a wayward rocket aimed at the port.