Ukraine is reportedly close to securing an insurance deal with the likes of Lloyd’s to provide coverage for grain ships plying the Black Sea into and out of the country.

The scheme, which could potentially cover as many as 30 commercial vessels, is being “actively discussed” between the government and global insurers, Ukraine’s deputy minister of economy Oleksandr Gryban told the Financial Times.

According to Gryban, as reported by the FT, the insurance deal is currently being pursued. Aside from international insurance groups, local lenders are also said to be part of the talks. The move comes following Russia’s withdrawal from the Black Sea Grain Initiative.

Meanwhile it was reported that the pending deal could be finalised and put in effect as early as September, depending on what is agreed upon.

Gryban was quoted as saying: “It depends on how the structure goes and what the level of risk-sharing is going to be between the government and private insurance companies.”

In June, Marsh McLennan announced it would help Ukraine gain access to the global insurance market by delivering, on a pro-bono basis, a risk data platform that would provide insurers greater confidence while underwriting war risks in the country.

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