Shipping traffic falls by a third at Russian ports

Shipping traffic in and around Russian ports has dropped by a third since the invasion of Ukraine began, according to the Wall Street Journal.

Meanwhile, the number of Russian-owned vessels seeking jobs has tripled.

The change is the result of sanctions levied on the country by the US, the UK, the EU, Canada, Japan, Switzerland and more, as well as global withdrawal from dealings with Russian companies.

Credit: Daniil Zameshaev

Sanctions have been placed on companies including airline Aeroflot, the United Aircraft Corporation, and the United Shipbuilding Corporation; on Russian banks and financial services; and on the assets of individual officials and oligarchs.

Shipping giants A.P. Moller-Maersk and Mediterranean Shipping Co (MSC) have temporarily suspended services to Russian ports, with similar moves made by most Western parcel companies including FedEx and UPS, financial services such as Visa, Mastercard and American Express, and retailers including Coca Cola, Starbucks, McDonalds and Adidas.

Ports have also been closed to Russian ships in the UK.

Source: The Wall Street Journal, Forbes