West ramps up sanctions over Ukraine war by suspending deliveries to Russia. The world’s biggest Danish container shipping company, Maersk, has suspended sailing into and out of Russian ports. This decision was made following the banning of vessels from Russia docking in the UK by the transport minister, Grant Shapps.
Non-essential deliveries to Russia have been suspended by another two biggest shipping companies, joining an increasing list of companies shunning Moscow amid Western sanctions over its invasion of Ukraine. Maersk, Switzerland-based MSC, and France’s CMA CGM all declared that they would no longer take orders for goods from Russia and banned most deliveries.
According to the statement given by Maersk, “The bookings from Russia will be suspended temporarily except for food materials, humanitarian supplies and medical supplies.”
MSC announced similar measures, stating, ”It would continue to accept and screen only essential goods booking for deliveries.”
“Protection of employees and assurance of supply chain continuity remains our priority. Therefore, in the interest of safety, we have decided to suspend all bookings from Russia until further declaration.” Announced by CMA CGM on their website.
Russia is the world’s 11th most significant economy and provider of 1/6th of available products. This move by Maersk, CMA CGM and MSC implies that Moscow is cut off from a massive piece of global shipping capacity.
The West seems to force hefty limitations on Russia to deter its economy from the global monetary framework by pushing organizations to stop dealing, cutting ties and dump vast billions of dollars of investments.
The sanction is planned to isolate Russia politically, economically and financially.
Moreover, Russia has received a suspension from other business giants like Google, Apple, Harley-Davidson and Ford. In addition, Apple announced a brief halt in sales in Russia.
Visa Inc. and Mastercard Inc. have obstructed Russian financial institutions from their network.
The ruble is estimated to have dropped by around 35% since the invasion.