This case study is testament to the law's ability to empower and enable in times of challenge.

Brodies advised on a first-of-its-kind war risk insurance facility that enables Ukraine's international exports to be shipped across the Black Sea.

Acting for Ukraine's Export Credit Agency (the ECA), we advised on an insurance facility that places relevant funds in accounts at Ukrainian state banks – Ukrgasbank and Ukreximbank - enabling them to issue corresponding irrevocable letters of credit, each confirmed by DZ Bank AG.

This provides shipowners and vessel charterers with cover for the transport of goods through the Black Sea, and supports the reimbursement of underwriters in the event of payment of claims.

Key highlights

  • The insurance facility is approved by the Ukrainian Government.
  • The agreement was formalised by a Reimbursement Framework Agreement between the ECA and underwriters at Lloyd's of London, with Marsh Ltd as arranger and Ascot Underwriting Ltd as lead underwriter.
  • Our banking and finance experts worked alongside colleagues in shipping, marine insurance and regulatory law, to provide English law advice on the drafting and negotiation of the documentation.
  • We worked closely with Asters, Ukraine's largest law firm, led by senior partner Armen Khachaturyan. Norton Rose Fulbright acted for Marsh Limited.
  • We also worked closely with Asters' partner Yaroslav Petrov, who is on secondment with us.


This mandate resulted in the creation of a precedent-setting agreement. It is anticipated that it could also be applied in areas affected by other international conflicts, to assist with the continued movement of essential goods.


Ben Powell

Legal Director

Yaroslav Petrov

Partner, Asters LLP