Top shipping companies suspend transports to Russia
The world's biggest shipping companies are suspending shipments to and from Russia amid Russian President Vladimir Putin's ongoing invasion of Ukraine.
The big picture: Maersk, MSC and CMA CGM are all turning from Russia in light of safety and operations concerns, the companies said Tuesday. The move underscores Russia's increasing isolation as businesses and organizations around the world cut ties.
- Russia, which has the 11th-largest economy in the world, "is now effectively cut off from a large chunk of the globe's shipping capacity," Reuters notes.
- Maersk will still ship food and medical and humanitarian supplies, however.
Between the lines, via Axios' Nathan Bomey: Russia’s sudden status as an economic anathema has triggered a form of reverse globalization — with Western countries including the U.S. taking steps to excise Russia from the global financial system.
Go deeper... Dashboard: Russian invasion of Ukraine