In a groundbreaking move, Scottish law firm Brodies LLP has steered Ukraine’s Export Credit Agency through uncharted territory, unveiling a novel war risk insurance process to safeguard shipowners and vessel charterers amidst the ongoing conflict with Russia.
Brodies Guides On War Risk Insurance For Ukrainian Exports : Brodies Guides on War Risk Insurance
In a daring legal maneuver, Brodies LLP has strategically advised Ukraine’s Export Credit Agency, paving the way for a groundbreaking war risk insurance process. The initiative aims to fortify shipowners and vessel charterers, allowing uninterrupted goods shipments across the tumultuous Black Sea during the persisting conflict with Russia.
The Innovative Insurance Arrangement
Brodies unveiled the revolutionary insurance arrangement, orchestrating a financial ballet that channels funds to accounts at two Ukrainian state banks, Ukrgasbank and Ukreximbank. These financial powerhouses are then empowered to issue irrevocable letters of credit, each confirmed and guaranteed by Germany’s DZ Bank AG.
