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Ukraine cargo insurance policy suspended after Russia quits grain deal - Marsh

July 18, 2023 at 7:01 pm

A tractor is seen at the farm in Buczyna, Poland on April 25, 2023. Polish farmers protest as some Ukrainian grain and other products stay in the country during transport abroad [Jakub Porzycki – Anadolu Agency]

A cargo insurance facility providing cover for Ukraine grain shipments via a safe sea corridor has been suspended after Russia quit the United Nations-backed agreement, broker Marsh said on Tuesday.

Moscow has withdrawn from the year-old grain export deal in a move the United Nations said risked creating hunger around the world, Reuters reports.

The marine cargo and war facility provided cover up to $50 million per cargo and was led by Lloyd’s of London insurer, Ascot, together with other underwriters.

“It is currently on pause; it is suspended effectively due to the agreement not being extended,” said David Roe, head of UK cargo at Marsh, which acted as the facility’s broker.

READ: Insurers reviewing Black Sea ship cover after Russia quits deal