Quigley, Keating, McGovern Introduce Bill to Provide War Risk Insurance to Commercial Vessels Trading with Ukraine

Today Congressman Mike Quigley, Ranking Member of the House Appropriations Subcommittee on Transportation, Housing, and Urban Development and co-chair of the Ukraine Caucus, Congressman Bill Keating, Ranking Member of the House Foreign Affairs Subcommittee on Europe, and Congressman Jim McGovern, Ranking Member of the House Rules Committee, introduced the Ukraine War Risk Insurance Act of 2024.

Since Russia’s unprovoked invasion of Ukraine almost two years ago, all aspects of Ukrainian society have been impacted including their capacity to participate in the global economy. Grain, which represents a vital Ukrainian export, as well as critical infrastructure, continue to be targeted by Russia greatly impacted the Ukrainian economy and leading to potential starvation in food insecure areas of the world who depend on regular food assistance. The Ukraine War Risk Insurance Act would not only help increase Ukrainian exports, but it would also ensure the Ukrainian agriculture sector can effectively deliver its products to the global market.

“Putin's unprovoked war has upended every aspect of life for Ukrainians – including their economy,” said Congressman Quigley. “Amidst a constant state of fear and unease, Russia has deliberately targeted Ukraine's thriving grain industry, limiting the country’s ability to export and threatening the food security of millions. This legislation will counteract Putin’s malicious actions and help Ukraine increase its exports, strengthen its economy, and feed its people. This must be the first in many steps Congress takes to ensure Ukraine can continue its fight for freedom.”

“The Ukraine War Risk Insurance Act would allow the U.S. government to provide vital war risk insurance to NATO and partner vessels importing cargo into or exporting cargo from Ukraine,” said Ranking Member Keating. “In addition to passing essential military, economic, and humanitarian support for Ukraine, we must do all we can to ensure Ukraine is able to export grain to the global market. The world is watching, and it is incumbent upon Congressional leadership to bring creative solutions like this as well as a vote on the supplemental forward.”

“Ukraine’s fight is the world’s fight—and nowhere is that more evident than Russia’s malicious targeting of their ability to export grain, threatening food security for millions around the world,” said Congressman McGovern. “The Ukraine War Risk Insurance Act would ensure Ukrainians can continue to participate in the global economy and would provide critical insurance to those working to export grain and prevent starvation in food insecure areas around the world. Congress should pass this bill quickly to ensure that Ukraine can continue to fight back against Putin’s evil and unprovoked war of aggression.”

Specifically, this legislation: 

• Expands eligibility for war risk insurance to NATO and Ukrainian vessels participating in waterborne commerce importing cargo to or exporting cargo from Ukraine.
• Establishes the Insurance for Ukraine Initiative to bolster confidence in Ukraine’s economic recovery, encourage investment in Ukraine’s economic recovery, promote closer economic integration with Ukraine, coordinate dialogue related to war risk insurance, and work with Ukraine and other partners to ensure the shipment of grain to and from Ukraine.
• Directs the Secretary of State to provide diplomatic and political support to countries that provide war risk insurance for Ukraine, and to pursue a multilateral insurance mechanism through the United Nations Food and Agriculture Organization to protect the shipment of grain and other commodities from Ukraine.