1. Short title This Act may be cited as the Ukraine War Risk Insurance Act . 2. Finding Congress finds that the transportation in the waterborne commerce importing cargo to, or exporting cargo from, Ukraine is in the interest of the national defense or national economy of the United States. 3. War risk insurance eligibility for certain commercial vessels operating in Ukraine (a) Eligibility Notwithstanding section 53902 of title 46, United States Code, for the period beginning on the date of enactment of this Act, and ending 5 years after such date, a covered vessel shall be deemed to be eligible for insurance or reinsurance under chapter 539 of title 46, United States Code, if such vessel is engaged in transportation in waterborne commerce importing cargo to, or exporting cargo from, Ukraine. (b) Expansion of cargo Subparagraphs (B) through (D) of section 53903(a)(3) of title 46, United States Code, shall not apply to cargo imported or exported to or from Ukraine. (c) Definitions In this section: (1) Covered vessel The term covered vessel means a vessel that is owned by a citizen of— (A) a member country of the North Atlantic Treaty Organization; (B) Ukraine