Ukraine secures insurance for Black Sea grain shipments

Ukraine is finalizing a deal with global insurers, including Lloyd's of London, to provide coverage for grain ships traveling through its Black Sea ports. The scheme, expected to be implemented next month, would cover five to 30 ships against damage sustained during travel. Insurers and a local state-owned bank would share the risk, with the public portion backed by Ukraine's state road fund. This comes after Russia pulled out of the U.N.-backed Black Sea grain deal and warned that ships traveling to and from Ukrainian ports could be seen as military targets.