Post Date : March 2, 2022
Joining the ongoing list of companies shunning Moscow amid Western sanctions over Russia’s invasion of Ukraine, global shipping lines, Danish shipping giant Maersk, Switzerland-based MSC, and France’s CMA CGM announces suspension of non-essential deliveries to Russia.
The three biggest shipping lines of the world on Tuesday said they would no longer take bookings for goods from Russia and were suspending most deliveries to the country.
Citing the impact of sanctions, “bookings to and from Russia will be temporarily suspended, with exception of foodstuffs, medical and humanitarian supplies”, Maersk said in a statement.
Announcing similar measures MSC said it would “continue to accept and screen bookings for delivery of essential goods”.
CMA CGM prioritizing its employee’s safety said we will “ensure as much as possible the continuity of your supply chain”.
“In the interest of safety, the group has decided to suspend all bookings to and from Russia as of today and until further notice,” it said in a statement posted on its website.
Container shipping companies-a vital part of the global trade system carries the bulk of the world’s manufactured goods. The step taken by Maersk, MSC, and CMA CGM means that Moscow which is the capital of the world’s eleventh-largest economy and supplier of one-sixth of all commodities is effectively cut off from a large chunk of the globe’s shipping capacity.
Heavy restrictions have been imposed by the West on Russia to isolate the nation politically, financially, and economically from the global system, pushing companies to halt sales, cut ties and dump tens of billions of dollars worth of investments.
The impact has already been witnessed on capital markets and the currency.
Companies such as Apple, Google, Ford, and Harley-Davidson have suspended sales in Russia.
Apple said it was “deeply concerned about the Russian invasion of Ukraine” and announced a pause in sales in Russia and other measures including limiting Apple Pay and dropping the ability to download RT News outside of Russia.
US-based payment firms Visa Inc and Mastercard Inc have also blocked multiple Russian financial institutions from their network.
A slew of measures has been designed by the Russian authorities to stem the fall of the ruble and the broader financial markets, including banning money transfers abroad and closing the Moscow Stock Market.
The ruble has dropped by about 35 percent since last week when Russian President Vladimir Putin launched the invasion.