Ukraine to compensate shipowners for losses caused by Russian attacks

The port in Mykolaiv, October 2020. Archive photo NikVesti

Ukrainian and foreign shipowners will be compensated for damage caused by Russia's armed aggression and hostilities in Ukraine.

The Ministry of Communities and Territories Development of Ukraine has published a draft government resolution.

The procedure for providing compensation guarantees in 2025 has been prepared. As noted by the Ministry of Development, currently, according to established practice, standard exclusions from insurance coverage include insured events that occurred during a state of emergency, special or martial law declared by the authorities in the country or in the territory of the insurance contract.

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Therefore, due to military risks, there is currently no classic coverage of relevant insurance payments for ships sailing to the north-western part of the Black Sea.

The draft law proposes to establish in 2025 a mechanism for providing guarantees of compensation for damage caused from 1 January 2025 during the stay of ships in the territorial sea of Ukraine, within the temporary sea route and in the waters of open seaports (if they entered such ports after 1 January 2024), provided that the ships transport non-military cargo to (from) such ports of Ukraine.

It is noted that in accordance with Article 35 of the Law of Ukraine «On the State Budget of Ukraine for 2025», guarantees of compensation for damage may be provided in the amount of up to UAH 2 billion at the expense of the state budget reserve fund.

In 2024, Odesa Region ports handled over 97 million tonnes of cargo, which is 57% more than in 2023.