Ukraine partners with British insurers to navigate Black Sea trade challenges
Ukraine collaborated with British insurers to ease access to the Black Sea corridor for exporters by offering military risk insurance fee discounts.
Recent tensions, highlighted by a Russian missile hitting a Ukrainian port, have spurred this effort. Last Wednesday, a Russian anti-radar missile struck a civilian cargo ship with the Liberian flag at the Pivdennyi port in Odesa, resulting in the death of one port pilot and injuries to three crew members and a port worker. The ship was loading iron ore bound for China at the time.
Ukraine aims to mitigate losses through this mechanism amid ongoing challenges in Black Sea trade due to geopolitical tensions. Despite obstacles, shipping activities continue through major ports, with significant exports of agricultural and steel products.
