The guarantees of loss recovery in favor of shipowners suffered from the russian hostilities against Ukraine
On May 26, 2023, the Cabinet of Ministers of Ukraine approved the Procedure for the guarantees of such loss recovery in favor of shipowners.
This Procedure is aimed to secure fair reimbursement of losses incurred by the victim of hostilities, as well as to facilitate renewal of inland & sea trade in Ukraine.
A comment by expert
As soon as Ukraine suffered the russian hostilities and commenced battles at its own territory, everyone sustained essential material losses and damages. Victims of military aggression are shipowners, inland & sea-going vessel operators and charterers who incurred losses during the conflict.
As prescribed by the Procedure, shipowners, operators and charterers, whose vessels, flying under Ukrainian or foreign flag, got damages due to russian hostilities and battles at the territory of Ukraine, may apply for reimbursement of losses by the state. Such reimbursement may cover vessel loss or damage, loss of profit, losses resulted from vessel detention or changing the route, ship repair & restoration costs, as well as other expenses caused by military aggression.
It prescribes the procedure for filing application jointly with required documents, terms and other requirements for shipowners applying for reimbursement. After filing application jointly with supporting documents, the competent bodies shall assess the damage and shall make a decision on reimbursement.
Such a Procedure is a crucial step for support of the shipowners-victims and for inland & sea transport renewal in Ukraine. It defends rights and interests of the shipowners-victims, as well as helps them to maintain economic stability after overcoming such obstacles.
A prerequisite for successful implementation of such Procedure shall be strict compliance with its provisions, effective communication with shipowners and competent bodies, as well as sufficient financial resources in order to pay reimbursement. INTERLEGAL lawyers may help you to do it.