Insurance premiums for merchant ships in certain areas of the Black Sea have increased 20-fold from 0.025% of a vessel's value to 5% since the beginning of Russia’s full-scale invasion of Ukraine.

The CFTS portal reported this, citing the Interfax Ukraine news agency.

According to the head of Ukraine’s Parliamentary Committee on Finance, Taxation, and Customs Policy, Danylo Hetmantsev, the increased insurance cost is an additional price that the entire civilized world is forced to pay today, but Russia will ultimately pay it.

According to Hetmantsev, the insurance risks under these insurance contracts are covered by syndicates of the Lloyd's company, which is one of the world’s leaders in the insurance and reinsurance market.

"This is another important step towards unblocking Ukrainian ports and establishing grain corridors, which should become operational in the coming days. However, everyone understands that the risks of passing through the corridors are significant because of the unpredictable behavior and perfidy of Russia, which shelled the port of Odesa the day after the signing of the agreement," Hetmantsev said.