Ukraine launches a Ship Insurance Fund.

The $50M fund, created on November 14 together with the British government and a pool of insurance companies, may become operational as early as this week, said Minister of Economy Yuliya Svyridenko.

Within the program’s framework, vessels with all commercial cargo bound to and from Ukrainian ports will be insured. Ukraine has already provided almost half of the fund’s total, ₴800 million ($22M), to the Export Credit Agency. Thus, Ukrainian state banks will be able to provide letters of credit to shipowners, which will be a guarantee of coverage against possible damage. British insurers are ready to provide the remaining $30M in the event of an emergency.

Ukraine also plans to expand the fund. It will provide general insurance – all goods stored in Ukraine, transported by sea and land. Since the start of the temporary sea corridor in August, 115 ships have left Ukrainian ports, and 148 have entered.