• Companies exempted deliveries of essential supplies like food, medical equipment, and humanitarian goods
• Western sanctions have triggered a mass corporate exodus from Moscow
The world’s three largest cargo shipping giants have temporarily suspended non-essential bookings to and from Russia joining a growing list of corporations in a further blow to trade after Moscow invaded Ukraine.
Switzerland-based MSC, Denmark’s Maersk, and French giant CMA CGM separately announced that they would halt all cargo bookings until further notice.
However, the move exempted shipping of essential supplies, such as food, medical equipment, and humanitarian goods.
Mass Exodus
Moscow’s invasion of Ukraine and the barrage of Western sanctions has triggered a mass corporate exodus.
Maersk said it was “deeply concerned by how the crisis keeps escalating in Ukraine.”
“The ever-evolving situation with governments posing new sanctions against Russia and the regular adjustments that are being made to the list of restrictions,” the Copenhagen-headquartered firm said while suspending shipping of all non-essential bookings to and from Russia.
The exclusion of essential deliveries was to show that the shipping giant was focused on social responsibility and “making the efforts to support society,” Maersk said.
MSC, the world’s largest shipping container line, on Tuesday, said its temporary suspension would cover areas including the Baltics, Black Sea, and Far East Russia.
ALSO READ: Russia’s top lender Sberbank exits Europe due to sanctions, collapses on London stock exchange
CMA CGM said it had taken the decision to suspend all bookings “until further notice” in the interest of safety.
Cargo shipping plays a crucial role in global trade. The suspension of shipping would effectively cut Russia off from a large chunk of the goods manufactured worldwide.
Picture Credit: The Guardian