War risks insurance law voted by the Ukrainian Parliament

On 22 November 2023 the Verkhovna Rada of Ukraine adopted the Law On amendments to the Law of Ukraine “On financial mechanism for promoting export activities” regarding insuring investments in Ukraine against military risks (draft law No. 9015 dated 14 February 2023).

The law expands the authorities of the Export-Credit Agency of Ukraine (hereinafter - the “ECA”). From now on, the ECA has the authority to conduct the following activities:

• Insurance and reinsurance of loans of Ukrainian commercial entities, related to investments into objects and infrastructure, required for development of processing industry and export of goods (works, services) of Ukrainian origin against military and/or political risks
• Insurance and reinsurance of direct investments into Ukraine against military and/or political risks. 

The Law will enter into force on 1 January 2024*.

* The final edition of the law will be available after its signing by the President of Ukraine and official publication. 

For additional information regarding this or other issues of insurance legislation, please contact our experts - Oleksiy Katasonov, Partner, Leader, Tax, Legal & People services and Vadym Romaniuk, Head of Banking & Finance practice.