Ukraine to compensate for damage to ships sailing through the Grain Corridor

At a meeting on May 26, the Cabinet of Ministers of Ukraine approved the Procedure for Providing Guarantees of Compensation for Damage Caused by the Armed Aggression of the Russian Federation against Ukraine and Military Operations for Maritime Vessels. This was reported by Taras Melnychuk, a representative of the Cabinet of Ministers in the Verkhovna Rada, on Telegram.

The Procedure establishes a mechanism for providing guarantees of compensation for damage to charterers, operators and/or owners of ships and inland navigation vessels flying the flag of Ukraine and flags of foreign states in case of damage during the stay of such vessels in the territorial waters of Ukraine, when such vessels are sailing to/from open seaports of Ukraine for cargo transportation.

At the same time, the guarantees do not apply to vessels owned by citizens or legal entities of Russia and Belarus, Ukrainian legal entities whose participants (shareholders, members) or ultimate beneficiaries are citizens or legal entities of Russia and Belarus, and persons subject to special economic and other restrictive measures (sanctions) in accordance with the Law “On Sanctions”.

Tags: insurance, Black Sea grain corridor, Ukraine