Proper insurance instruments are needed to restore economic activity in Ukraine: Yuliia Svyrydenko

Actively insuring war risks is a key issue for trade, investment, and recovery projects. Ukraine cannot wait until the war is over to return to business projects, so we are testing war risk insurance products from MIGA and other global players. This was emphasized by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, during a series of meetings with Jessika Roswall, Minister for EU Affairs of Sweden, and Johan Pehrson, Minister for Employment and Integration of Sweden.

“The availability of war risk insurance for business will allow to resume investment activity in Ukraine right now. We are intensifying the dialogue on this issue with our international partners around the world. An important element is the involvement of official government agencies in this process. We are looking for trust funds and other instruments to create military insurance products to be provided by both official institutions and private companies,” said Yuliia Svyrydenko.

The First Deputy Prime Minister added that, with the support of global international partners, Ukraine was activating comprehensive insurance of suppliers’, investors’, and project implementation risks. This will provide companies with the necessary competitive advantage in the form of early presence in Ukraine and more active participation in economic and infrastructure recovery.

The Ukrainian Government is also working on instruments to deepen economic integration with the European Union. This includes using the legal framework of the Association Agreement to integrate with the EU market. Given that Ukraine is a candidate for accession to the EU, it is important to develop trade routes that will become internal to the European Union. This will ensure greater EU autonomy and provide opportunities to restore production in Ukraine – closer to European production.

At the same time, what Ukraine seeks in global trade is respect for sustainability, diversity, and human rights, based on respect for the basic norms of international law – respect for sovereignty and territorial integrity. The aggressor state continues to disregard international law, causing destruction and damage to Ukraine.

“What we need most are weapons and sanctions. russia still has the technical capabilities to produce missiles using equipment from other countries and to make money from the shadow trade. It is necessary to introduce tougher export restriction mechanisms, to evolve trade sanctions and import restrictions into a comprehensive trade regime applicable to russia,” said Yuliia Svyrydenko, adding that it was not enough for Ukraine to develop trade sanctions based on the principle of prohibition and soft restrictions. Sanctions should be applied globally.

IC UAC according to the MEU