The world’s three largest container shipping companies warned on Tuesday that non-essential supplies to Russia would be halted, adding to the country’s economic isolation due to huge Western sanctions on Russia. Following Russia’s invasion of Ukraine, the Danish shipping firm (Maersk), the Swiss company (MSC), and the French company (CMA CGM) all stated that they would no longer accept bookings for commodities from Russia and that most deliveries would be halted, with the exception of foodstuffs, medical and humanitarian supplies. The Ocean Network Express, based in Singapore, and Hapag Lloyd, based in Germany, have also declared the end of non-essential deliveries to Russia. The impact of repeated waves of sanctions issued by Western countries, led by the United States and the European Union, targeting Russia’s banks, foreign reserves, and billionaires is wreaking havoc on Russia’s economy. German Finance Minister Christian Lindner said that the sanctions are intended to isolate Russia politically, financially, and economically. Russian authorities have announced measures designed 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 Vladimir Putin launched the invasion.
Source: Viewers Corner News.