Two Ukrainian banks issued letters of credit for $10 million each in favor of a pool of 14 British insurance companies.
Another Ukrainian bank started insuring vessels in the Black Sea.
"Ukreximbank" and "Ukrgazbank" at the request of the Export Credit Agency issued letters of credit for 10 million dollars each in favor of a pool of 14 British insurance companies in order to reduce the cost of insurance for ships moving through the Black Sea corridor.
The proposed mechanism for the use of letters of credit reduces the cost of risks for British insurers, which allows for lower policy prices for shipowners. Thus, it makes the sea route more accessible to a wide range of exporters.
It will be recalled that the TTS wrote that in November 2023, Ukraine and a pool of British insurance companies formed a mechanism that would make the temporary Black Sea corridor more accessible to exporters.
"Ukraine, together with a pool of British insurance companies, has created a special mechanism. It will allow a discount on the cost of war risk insurance for exporters of all products from Ukraine. This will make the Black Sea Corridor more accessible to a wider range of exporters," the Prime Minister of Ukraine noted at the time Denis Shmyhal.
The Prime Minister emphasized that the Cabinet of Ministers has allocated funds that will be a guarantee of covering losses in the event of their occurrence. The Export Credit Agency, "Ukrgasbank", "Ukreximbank" and a pool of 14 policyholders are involved in the mechanism.