Earlier two major shipping lines MSC and Maersk had stopped container shipping to Russia. This can have a big impact on Russia’s business. Western countries have imposed strict sanctions on Russia to remove Russia’s economy from the global financial system. “We are deeply concerned about Russia’s attack on Ukraine and stand with all those who have suffered as a result of the violence,” Apple said in a statement announcing the halt to sales in Russia. Some global automobile companies have also stopped their business in Russia. “We are concerned about the attack on Ukraine and the threat it poses to peace and stability. This situation has forced us to re-evaluate our work in Russia,” Ford said.
The closure of shipping lines MSC and Maersk to Russia would cut Russia off a large part of global shipping capacity. Russia, the world’s 11th largest economy, is a major supplier of commodities. Russia has decided to impose a temporary moratorium on foreign investors from selling Russian assets to reduce losses. However, energy companies such as BP and Royal Dutch Shell have already decided to close their businesses in Russia. In addition, major banks, airlines and other companies have severed their partnerships in Russia.
Austria’s Raiffeisen Bank International has informed about leaving Russia. It will be the first European bank to take this decision after the attack on Ukraine. The Glencore Group, which deals with mining and commodities, has said it is reviewing all businesses in Russia. This also includes his stake in companies like Rosneft.
(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)<!–
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