Ukraine starts grain insurance program following attack on foreign cargo ship

Ukraine launched an insurance program with broker Marsh McLennan and Lloyd’s of London to cover grain vessels leaving Ukraine's deep-sea port, days after a foreign cargo ship was struck by a Russian missile, Bloomberg reported on Nov. 14.

Earlier this week, a civilian ship in a port in Odesa Oblast was attacked by Russian missiles, killing one person on board and injuring four others. The port pilot was killed and another port worker was injured when a Russian Kh-31P air-to-surface missile hit the ship above its main deck.

Another three members of the ship's crew were injured, all of whom were citizens of the Philippines. The ship sailed under the flag of Liberia and was "a civilian vessel carrying iron ore to China."

According to Bloomberg, Ukraine’s first Deputy Prime Minister and Economy Minister Yulia Svyrydenko stated in a Facebook post that the $50 million program would insure ships against military risks.

The program may help shipowners get coverage to transport goods by sea from Ukraine. Ships continue to sail from Ukraine's Black Sea Port, however, shipowners fear using the port after the missile attack for fear of further casualties or other potential military activities.

The Ukrainian Navy opened a temporary corridor in September, allowing cargo ships to exit and enter the region's ports following Russia's withdrawal from the Black Sea Grain Initiative in July.

Russian attacks on Ukraine's port and grain infrastructure escalated dramatically in the subsequent months, with strikes on sea and river ports in Odesa Oblast becoming a frequent occurrence.

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