The parliament has adopted an amendment to the Law of Ukraine on the State Budget for 2023, which guarantees payment of compensation to charterers, operators, and/or owners of sea-going and inland navigation vessels for potential damages caused by Russian aggression.

The Ukrainian Ministry of Development of Communities, Territories, and Infrastructure of Ukraine announced this in a statement, the CFTS portal reports.

Up to UAH 20 billion has been earmarked for these purposes.

"Parliamentarians took an important step toward full restoration of civilian shipping in the Black Sea today. Together, we are looking for ways to ensure the operation of Ukrainian ports and expand the range of products in the trade turnover. I am sure that the provision of risk compensation guarantees will send a powerful signal for the stabilization of the Ukrainian and world economy," Deputy Prime Minister for Reconstruction of Ukraine/Minister of Community Development, Territories, and Infrastructure Oleksandr Kubrakov said.

The amendment adopted by the parliament applies to vessels sailing under the flag of both Ukraine and foreign countries.

The Ukrainian government will allocate the funds for compensating for potential damages.

According to the ministry, over 140 vessels are in an artificial queue in the Bosporus strait because of Russian sabotage of the process of inspections of vessels. This has led to a fall in the effectiveness of the Black Sea Grain Initiative, which currently does not exceed 40% of the export capacity, the ministry said.

The government adopted a similar decision for the aviation industry in February 2022, when it agreed with the parliament’s budget committee to allocate UAH 16.6 billion for providing guarantees of flight safety in Ukraine to insurance companies, reinsurance companies, leasing companies, and air carriers.