Asian countries cut container trade with Russia amid Ukraine invasion

Export-import trade between Russia and many countries in Asia has already been halted following Moscow’s last week’s invasion of Kyiv which raised severe concern mainly to exporting nations on the possibility of their significant revenue loss.

Especially the imposition of various economic and political sanctions on Russia by the western countries further deepened their worries as uncertainty created about getting payment from Russia as the invader’s banks are set to be deterred from the banking system all over the world due to the sanctions.

Shipping sector officials fear a possible rise in container freight rates in the coming days and weeks as the fuel oil price is rising worldwide following the war.

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Source: Container News