New Russian sanctions could hit carriers and ports

The new sanctions from the EU and the US could hit the Russian economy hard, thus also impacting the country's ports as well as carriers operating in Russia. "Our businesses in Russia are running as they should," says Maersk.

The third round of sanctions against Russia, just been approved by the EU and the US, is guaranteed to have a noticeable negative effect on the Russian economy, which is already struggling, according to several Danish and Russian experts ShippingWatch has spoken to Wednesday morning.

Already by the beginning of this year the prospects for the Russian economy looked somewhat lukewarm, and following the annexation of Crimea and the subsequent sanctions from the EU and the US, things have only gotten worse - for the ruble, in particular - but also for the Russian economy in general. The first two rounds of sanctions were taken somewhat lightly by most economic experts, as there was broad agreement that the sanctions would not yet hurt for real. But now things are getting real, with a halt in European bank financing and a ban on exports for, among other things, the energy sector.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Stolt-Nielsen reports best quarterly profit in years

Norwegian Stolt-Nielsen, which has acquired shares in competitor Odfjell, benefitted from higher volumes and spot rates in the chemical tanker market and predicts further improvement in the market. The company is, however, not quite ready for ordering newbuilds.

Skuld opens new office in Tokyo

Skuld is to open a Japanese branch located in Tokyo. To lead the division, Skuld recruits former deputy general manager from Japan P&I Club.

Further reading

Related articles

Latest news

See all jobs