Ministry of Economy of Ukraine
Results of Yuliia Svyrydenko’s visit to London: UNITY insurance has been extended to all vessels carrying non-military cargo
01.03.2024 | 14:24 | Section for Public and Mass Media Relations
The UNITY Facility of affordable ship insurance, implemented by Marsh McLennan and Lloyd’s of London in cooperation with the Government of Ukraine, is being significantly expanded. The programme will now cover not only the maritime transportation of grain and other important foodstuffs, but also vessels carrying all non-military cargoes, such as iron ore, steel and containerized cargo. The decision, which will expand Ukraine’s export opportunities, was announced on March 1 in London during a visit to the UK by a Ukrainian delegation headed by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.
“The coverage of all non-military cargo, such as containerized cargo, iron ore, and steel, by insurance is extremely important for Ukraine. Especially given the increased opportunities for exporting metallurgical products, as this sector has been severely affected by the full-scale invasion. In 2023, compared to 2021, steel production in Ukraine decreased by 3.4 times, while exports of metallurgical products decreased several times. Ship insurance can also support our efforts to increase exports of all non-resource products. Since strengthening the processing industry and developing non-resource exports are priorities for the Government to strengthen economic resilience,” Yuliia Svyrydenko said.
According to Yuliia Svyrydenko, thanks to the UNITY insurance tool, insurance rates in the commercial market have been halved. The rate under UNITY is currently 0.75% for agricultural products.
“Marsh McLennan is committed to supporting Ukraine - helping it attract global investment to rebuild the country and its economy. We are pleased to expand our public-private partnership with the Ukrainian Government. The decision will provide exporters with lower premiums to ship a wider range of goods through the Black Sea trade routes and great economic benefits for Ukraine,” John Doyle, Marsh McLennan Group President and CEO, said.
John Neal, CEO of Lloyd’s, added: “Since the invasion of Ukraine, Lloyd’s has been working with the UN, governments, regulators and insurance companies to support the economy and supply chains despite the challenging circumstances. New public-private partnerships, including the expansion of the UNITY programme, are a signature of the Lloyd’s marketplace, bringing insurance experts and policy makers together to tackle complex risks.”
The UNITY insurance instrument is available to all international brokers who can be contacted by ship owners and Ukrainian exporters.
The UNITY programme, which aims to provide affordable insurance against war risks for the supply of grain and other important food commodities around the world, was launched in November 2023. UNITY offers hull insurance and separate protection and indemnity (P&I) against war risks at significantly reduced premiums compared to standard market prices. In addition to grain, UNITY now provides coverage for other Ukrainian exports, including iron ore, steel, electrical equipment, and animal feed.
Developed following a meeting between President of Ukraine Volodymyr Zelenskyy and Prime Minister of the United Kingdom Rishi Sunak, the UNITY Facility for reducing the cost of shipping insurance in Ukraine’s territorial waters provides, among other things, for the creation of a fund to compensate the first part of losses to shipowners and charterers by issuing standby letters of credit confirmed by the German DZ Bank by state-owned Ukrainian banks - Ukreximbank and Ukrgasbank.
Lloyd’s of London underwriters, led by Ascot, and other insurance companies are providing up to USD 50 million of hull and P&I insurance against war risks. UNITY is available to clients of all registered Lloyd’s of London brokers, providing additional support for ongoing humanitarian efforts and helping to mitigate the aggressor’s pressure on supply chains and global food security.
Reed also:
-
26.04.2024 | 15:23
| Section for Public and Mass Media Relations
Ukraine and Denmark sign the Memorandum of Understanding on long-term cooperation and reconstruction of our country
Ukraine and Denmark have signed the Memorandum of Understanding on long-term cooperation and reconstruction of Ukraine. This document provides for the Danish government to allocate about EUR 40 million to support the private sector involved in Ukraine’s reconstruction, as well as EUR 380 million to support critical infrastructure using renewable energy. The memorandum was signed by First Deputy Prime Minister - Minister of Economy of Ukraine Yuliia Svyrydenko on behalf of Ukraine and by Minister for Industry, Business and Financial Affairs of Denmark Morten Bødskov on behalf of Denmark. The ceremony took place on 23 April 2024. -
26.04.2024 | 15:17
| Section for Public and Mass Media Relations
Ukraine and Brazil plan to cooperate to increase trade turnover between the countries: Yuliia Svyrydenko
Ukraine and Brazil plan to intensify economic cooperation and increase trade between the two countries. This issue was discussed during a conference call between First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yuliia Svyrydenko and Vice-President, Minister of Development, Industry and Trade of Brazil Geraldo José Rodrigues de Alckmin Filho. -
26.04.2024 | 15:04
| Section for Public and Mass Media Relations
Ukraine Investment Framework Steering Board approves terms of operation of the investment component of the Ukraine Facility
The first meeting of the Ukraine Investment Framework (UIF) Steering Board, at which the rules of procedure and Strategic Guidelines for the investment component of the EU’s Ukraine Facility programme were approved, has taken place. The signing of the first investment programmes under the UIF is scheduled for the Ukraine Recovery Conference to be held in Berlin on 11-12 June 2024.
-
26.04.2024 | 15:01
| Section for Public and Mass Media Relations
More than UAH 3.2 billion will be available to businesses in Dnipropetrovsk region under the Made in Ukraine state policy: Yuliia Svyrydenko
In 2024, the Government has allocated over UAH 3.2 billion for business support programmes in Dnipropetrovsk region. This funding will help the region, which is located close to the front line, constantly suffers from enemy shelling and is one of the main centres of refuge for internally displaced persons, to preserve its industrial potential and develop small and medium-sized businesses. -
26.04.2024 | 14:56
| Section for Public and Mass Media Relations
Foreign investors can diversify risks by investing in small and medium-sized businesses: Nadiia Bihun
Despite the war, the financial system of Ukraine remains stable. At the same time, the expansion of available investment insurance instruments against military risks and the increase in the availability of loans and grants from international banks and international financial organizations will stimulate foreign investors to invest in new joint projects with Ukrainian businesses. This was said by Nadiia Bihun, Deputy Minister of Economy of Ukraine, during her speech at Ukraine’s Future Summit 2024, which took place in Brussels.