Lloyd’s of London guarantees grain shipments from Ukraine

Grain silos from the Odessa Black Sea port are displayed as the Ukrainian government waits for signals from the United Nations and Turkey to start grain shipments amid the Russian invasion of Ukraine in Odessa, Ukraine on July 29, 2022. increase. (Nacho Doce/Reuters)

Insurance market Lloyd’s of London on Friday unveiled insurance for a vessel carrying food from Ukraine via the newly agreed Black Sea Corridor, removing a barrier to progressing vital exports.

UK Foreign Secretary Liz Truss said this was “an important step to allow grain exports to leave Black Sea ports following last week’s crucial UN agreement”.

One of the main concerns after Russia, Ukraine, Turkey and the United Nations signed a deal last week to reopen Black Sea ports blocked by a five-month war, traders concerned about navigation in mined waters. was to guarantee safety to

Lloyd’s said the company’s new export facility will allow vessels carrying grain and other food products from Ukrainian ports to have reliable reach for voyages.

Patrick Tiernan, head of markets at Lloyd’s, said the cover “adds essential protection to the deal brokered by the United Nations last week and is the latest move from Lloyd’s and the insurance industry to help the international community respond to the dispute.” It represents the support of the

Ukrainian President Volodymyr Zelensky visited the Odessa region on Friday to see ships loaded with grain as exports resumed for the first time since the February 24 invasion.

In a deal last week, Moscow agreed not to attack export ships sailing from ports including Odessa, but that commitment was called into question when Russian missiles hit Odessa hours later.

Truss said:[Russian President Vladimi] Putin must honor this agreement and allow ships to leave Ukraine to mitigate the devastating damage this war has done to global food security. ”

Millions of tons of grain trapped in Ukraine by the conflict are expected to be released to countries in Africa and the Middle East, helping to alleviate the international food crisis.

PA Media