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Insurers have been told to treat the shipping lanes around Ukraine and Russia as high risk because of the precarious military position in Eastern Europe.
The guidance from a panel of London risk assessors emerged as Russia holds naval drills in the Black Sea and moves troops on land near Ukraine.
The list of high-risk sea lanes drawn up by the industry’s so-called Joint War Committee is closely watched and can influence the cost of insuring merchant vessels.
“With the increased naval activity, the possibility for a miscalculation is definitely there,” said Neil Roberts, the secretary of the committee.
“We would be remiss if we did not advise the market now and give it the ability to react.” he told Reuters.
The panel, made up of insurers and members of the Lloyd’s Market Association, normally meets four times a year to review its list of areas deemed high risk for vessels due to war, terrorism and related perils.
But it held an emergency meeting this week due to developments near Ukraine, which is on guard for a potential Russian attack.
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A bomb shelter underneath Kiev's Central Train Station. The underground shelter can offer protection to the workers on shift and about 2,000 civilians. AP -
An aerial image of attack helicopters on the runway at Zyabrovka airfield in Belarus. AP -
A Ukrainian servicewoman disinfects the wounds of a dog injured by razor wire at a frontline position outside Popasna, the Luhansk region, in eastern Ukraine. AP -
An interior view shows a kindergarten, which according to Ukraine's military officials was damaged by shelling, in Stanytsia Luhanska in the Luhansk region, Ukraine. Reuters -
Ukrainian pensioner Lidiya Silina, 87, at her house right next to the border with Belarus. Ms Silina would take the rubbish out on the Belarusian side of the border opposite the twisty stream. Then the troubles started and the Russian tanks came. AFP -
A Ukrainian serviceman at a frontline position outside Popasna in eastern Ukraine. AP -
A child copies the position of Ukrainian servicemen standing at attention during the national anthem in Sievierodonetsk, eastern Ukraine. AP -
Ukrainian soldiers pose for a picture as the country observes a Day of Unity in Odessa. AP -
Lorries queue at the Goptivka border crossing between Ukraine and Russia, near the Eastern Ukrainian city of Kharkiv, amid growing tension. EPA -
Ukrainian border guards patrol along the border with Russia, near Kharkiv. EPA -
Four Royal Air Force Typhoon jets in Cyprus. The UK sent the additional jets to boost air patrols over eastern Europe. PA -
Ukrainian President Volodymyr Zelenskiy, second from right, is briefed on preparations at the site of a military drill outside the city of Rivne. AFP -
Nato defence ministers in Brussels, Belgium. The military alliance says Russia is still sending troops to the border with Ukraine, contradicting Moscow’s claims of a drawdown. Reuters -
Ukraine's Senkivka checkpoint near the border with Belarus and Russia. Reuters -
The Motherland Monument in Kiev, Ukraine. The country is on high alert for the possibility of an invasion by its neighbour Russia. AP -
Valentyna Konstantynovska, 79, holds a weapon during basic combat training for civilians in Mariupol, eastern Ukraine. AP -
A satellite image shows a housing area and equipment for troops in Rechitsa, Belarus, where Russian forces are holding joint military exercises. Reuters -
US soldiers prepare to leave Fort Bragg, North Carolina, for Europe, where they are being sent as the crisis between Russia and Ukraine escalates. AFP -
Ukrainian soldiers at the site where a rocket landed close to their positions during the night on a front line near Popasna, eastern Ukraine. AP -
Ukrainian servicemen survey an area that was shelled overnight on Tuesday close to their positions on a front line outside Popasna, eastern Ukraine. AP -
A Ukrainian teenager helps a church minister reinforce basements in a centre for children in the Ukrainian village of Chervone. AFP -
A Ukrainian teenager digs trenches for soldiers serving on their country's eastern front and facing off with Russian-backed separatists, near Chervone. AFP -
A Ukrainian border guard at a crossing to Belarus in Vilcha. Getty -
A child tries to remove ammunition from a clip during basic combat training for civilians organised by the National Guard in eastern Ukraine. AP -
Rumia, 59, a member of Ukraine's Territorial Defence Force, trains near the capital Kiev. AP -
Smoke rises over the Gozhsky training ground during Russia-Belarus military drills in Belarus. AP -
Ukrainians march to show solidarity and patriotic spirit in Kiev. Getty -
A Ukrainian National Guard member shows civilians in the Donetsk region, eastern Ukraine, how to adopt a firing position. AP -
A military helicopter fires missiles during the Russia-Belarus military drills in Belarus. AP -
A pedestrian passes through the only open crossing point between territory held by pro-Russian separatists and Ukrainian government controlled territory in Stanytsia Luhanska, eastern Ukraine. AP -
US soldiers on parade during the visit of Nato Secretary General Jens Stoltenberg to the Mihail Kogalniceanu airbase, near Constanta, eastern Romania. AP
The shipping lanes added to the list were in the Black Sea, where more than 30 Russian warships have reportedly held drills, and the Sea of Azov, which lies off annexed Crimea.
The effect of this on individual insurance contracts will be for the shipping companies involved to negotiate, said the panel.
An aviation committee met separately on Tuesday after two Ukrainian airlines revealed problems getting insurance for some of their flights. Other carriers have avoided flying over the country’s airspace.
Russia said in two announcements this week that some troops were pulling back from border areas near Ukraine and from annexed Crimea after finishing military drills.
Western leaders reacted with caution and said it was too early to say Moscow was moving to de-escalate.
