Financial Services: Ukraine
The question
To ask the Chancellor of the Exchequer, whether she has discussions with (a) financial services regulators and (b) the insurance sector on developing risk-mitigation frameworks to support companies operating in Ukraine.
Answered by Emma Reynolds
Treasury Ministers and officials have regular meetings with a wide variety of organisations, including insurers and financial regulators, on an ongoing basis.
The UK Government has played a leading role in developing solutions that have helped to reopen and rebuild insurance markets in Ukraine. The UK provided a £20 million contribution to the Multilateral Investment Guarantee Agency (MIGA) to extend the level of political risk and violence insurance it can provide to investors with projects in Ukraine. Additionally, the UK has also provided £5m to the European Bank for Reconstruction and Development (EBRD) to develop a complementary initiative that will make war related loss and damage cover available to firms already based in Ukraine.
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