Timeline of the Ukraine war
CARGO AND MARINE INSURANCE
Timeline of the Ukraine war
24th February 2022
Russia invades Ukraine , an act that is roundly condemned by international politicians and multinationals alike
March 2022 Russia begins blockading Ukraine ’ s Black Sea ports , preventing vital exports like grain from leaving the country and threatening to disrupt global supply chains
June 2022 The European Union ( EU ) announces a ban on European insurers from insuring any vessel carrying Russian oil – an attempt to double-down on sanctions against Russia , as some third-party countries continue to remain neutral on the war . The ban is thought particularly hard-hitting , as a majority of large insurers are based in
Europe ; other countries , like the UK and US , soon follow
July 2022 A deal is struck to lift the grain blockades , allowing grain and other exports to transit freely through a safe corridor to the Bosphorus
October 2022 Russia withdraws from the grain deal , apparently in retribution for a drone attack that it believes was carried out by Ukraine
December 2022 P & I clubs , which insure up to 90 % of oceangoing ships , say they are beginning to step away from policy renewals for vessels in the affected region , which usually happens on 1 January insurtechdigital . com 99