(Reuters) — A cargo insurance facility providing cover for Ukraine grain shipments via a safe sea corridor has been suspended after Russia quit the United Nations-backed agreement, broker Marsh said Tuesday.
Moscow has withdrawn from the year-old grain export deal in a move the United Nations said risked creating hunger around the world.
The marine cargo and war facility provided cover up to $50 million per cargo and was led by Lloyd’s of London insurer Ascot, together with other underwriters.
“It is currently on pause, it is suspended effectively due to the agreement not being extended,” said David Roe, head of U.K. cargo at Marsh, which acted as the facility’s broker.
