The Lloyd’s Market Association (LMA) says it stands ready to provide support for the resumption of Black Sea grain exports after Ukraine and Russia last week agreed to a deal to allow shipments.

The United Nations and Turkey have been working on a shipments agreement to help ease global shortages as millions of tonnes of grain have been blocked from export markets.

“Given the circumstances, this is a remarkable outcome, achieved through weeks of patient negotiation,” LMA Head of Marine and Aviation Neil Roberts said last week.

“The specialists in the London insurance market stand ready to support this humanitarian enterprise and will look forward to assessing the details in due course.”

The future of the deal remains uncertain, however, after Russian missiles on the weekend struck Odessa, one of the three key Black Sea ports included in the agreement.

Ukraine is among the world’s leading grain exporters, supplying more than 45 million tonnes annually to the global market, according to the UN Food and Agriculture Organisation.