Oleksandr Kubrakov: Ukraine will reimburse possible losses for civilian vessels entering its ports

The Verkhovna Rada of Ukraine has supported amendments to the Law of Ukraine “On the State Budget of Ukraine for 2023” to provide charterers, operators and/or owners of ships and inland navigation vessels with guarantees of compensation for damage caused by russian aggression. Up to UAH 20 billion is provided for these purposes.

The relevant amendments were developed by the Ministry for Communities, Territories and Infrastructure Development in cooperation with Members of Ukrainian Parliament and the Parliamentary Budget Committee.

“Today, Members of Parliament have taken an important step towards the full restoration of civilian navigation in the Black Sea. Together, we are looking for ways to ensure the operation of Ukrainian ports and expand the range of goods for trade.

I am confident that the launch of the risk compensation scheme will be a powerful signal for the stabilization of the Ukrainian and global economy,” commented Oleksandr Kubrakov, Deputy Prime Minister for Restoration of Ukraine and Minister for Communities, Territories and Infrastructure Development.

The amendments adopted by the Parliament apply to vessels sailing both under the Ukrainian and foreign flags.

Funds for compensation will be allocated by the Government of Ukraine.

To remind, as a result of russian sabotage of inspections in the Bosporus, more than 140 vessels are consistently stuck in an arbitrary queue. This has led to a decrease in the efficiency of the Grain Initiative. Now it is not exceeding 40% of the available export capacity.

A year ago, in February 2022, a similar decision was made for the aviation industry. Back then, the Government, in agreement with the Parliamentary Budget Committee, allocated UAH 16.6 billion to guarantee flight safety in Ukraine for insurance companies, reinsurance companies, leasing companies, and air carriers.

IC UAC according to the Ministry for Communities, Territories and Infrastructure Development of Ukraine