MULTIDIMENSIONAL NATURE OF RISKS IN CONTEXT OF WAR IN UKRAINE

This research has focused on the analysis of the international consequences of the aggravated and frustrated exports of agricultural products from Ukraine due to war events, as well as other risks associated with them. Despite the existence of the international acts that seek to, at least partially, remove uncertainties regarding the prospects for the export of grain and other crops (such as the Istanbul Initiative under the auspices of the United Nations), Ukrainian grain exports have significantly decreased compared to 2021. The problem mentioned in this Article is analyzed from the perspective of the risks associated with the state of war, including the lack of interest of many insurers to consider doing business in securing exports under such circumstances. In this regard, several phenomena have been researched, such as the problem of high premiums in the context of war and political risks of civil commotions and famine, which have already occurred in different parts of the world. It is considered that the problem of aggravated or frustrated export of the Ukrainian grains represents a classical geopolitical risk. Bearing this in mind, in the context of the continuing inland, air and marine war in Ukraine, the restrictive measures against Russia and the significant international dimension of the conflict, as well as the inability of governments to guarantee the security of exports, it seems that the business of insurers with regard to covering the Ukrainian grain exports will continue to be burdened with multiple challenges.

Keywords: war risk, geopolitics, war in Ukraine, grain export, United Nations, European Union.