Ukraine is strengthening the security of its maritime exports with the help of ship insurance and by reducing the military threat from Russia.

Ukraine, the UK, and international insurance companies, with the participation of Marsh, an insurance broker that is part of Oliver Wyman, have created a special, unprecedented insurance mechanism for vessels using the Ukrainian maritime corridor.

Ukrgasbank issued a letter of credit in favor of the British policyholder in the amount of $10M for three years. It is noted that this mechanism will ensure ships and their cargo enter and leave Black Sea ports and provide insurance for the risks inherent in such transportation. This will make the sea route more accessible to a wide range of exporters (not only agricultural interests), which is extremely important, especially in times of war.

Also, after the Air Forces of Ukraine shot down three Russian fighter jets in a single engagement over the Black and Azov Sea on December 24, the enemy has been afraid to approach Ukraine’s airspace in the last week due to the risk of being shot down.