July 15, 2024

All three Ukrainian Black Sea ports have reopened to vessels for grain exports, despite Russia’s threats to target ships heading to Ukrainian ports.

Source: Bloomberg

The first 10 vessels have used the corridor that Ukraine established after Russia refused to continue with the grain deal, despite Russia’s threats to sink vessels heading to Ukrainian ports.

It is also reported that international insurance companies have resumed the coverage of insurance risks.

“The passage of ships is a signal that Ukraine’s daring bet to set up its own trade route after the collapse of a safe-corridor agreed with Russia has paid off,” the agency wrote.

Bloomberg said that under the safe corridor agreement, all vessels heading to Ukraine are inspected in Istanbul and their loads consist exclusively of agricultural products.

According to independent Russian media outlet The Moscow Times, the operation of the corridor has largely been made possible thanks to the neutralisation of the Russian Black Sea Fleet, which has been extensively bombarded by the Armed Forces of Ukraine since Russian President Vladimir Putin refused to extend the agreement with the UN and Türkiye on Ukrainian grain exports.

“The Fleet is basically locked in the city of Sevastopol now, and this has made the route in the northwest of the Black Sea, along the coasts of Romania and Bulgaria, safer,” the outlet wrote.

Meanwhile, insurance broker Miller, technology company Clearwater Dynamics and the Ukrainian government reported that they have “joined forces to offer full insurance coverage of all military risks for vessels operating in the Black Sea”.

Thanks to advanced technology from Clearwater Dynamics, all vessels using the corridor that are in Ukrainian ports are now being tracked 24/7 until they leave the high-risk zone.

The new corridor is protected with minefields. The route lies along the coast to the territorial waters of Romania and Bulgaria, which are NATO member states. The previous grain corridor lay directly across the sea to Istanbul, where a joint commission of UN, Turkish and Russian representatives checked vessels delivering Ukrainian grain.

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