Bill > HR7353

This bill, the Ukraine War Risk Insurance Act, aims to provide temporary war risk insurance for certain commercial vessels operating to import goods to, or export goods from, Ukraine. The key provisions of the bill are: 1. It deems eligible for war risk insurance under U.S. law any vessel owned by a citizen of a NATO member country, Ukraine, or another country deemed eligible by the Secretary of State, if the vessel is engaged in transporting cargo to or from Ukraine. 2. It establishes the Insurance for Ukraine Initiative within the Department of State, with objectives to bolster confidence in Ukraine's economic recovery, encourage allies to provide war risk insurance, promote Ukraine's integration with Europe, and coordinate with the private sector on insurance provision. 3. It directs the Secretary of State to provide diplomatic and political support to countries providing war risk insurance for Ukraine, and to use U.S. influence at the UN Food and Agriculture Organization to develop a multilateral insurance mechanism for shipments of grain and other commodities from Ukraine.