Maersk Stops Shipping to Russian Ports

Danish container-shipping giant A.P. Moeller-Maersk AS said Tuesday that it will temporarily stop shipping to and from Russia in light of the sanctions imposed on the country.

Maersk will however honor bookings placed prior to today's announcement, subject to imposed sanctions, and the shipping halt doesn't apply to foodstuffs or medical and humanitarian supplies, it added.

The company said in a statement that it is starting to see the effect of the continuing situation on global supply-chain flows, with delays, detention of cargo by customs authorities and unpredictable operational impacts.

"We are experiencing congestion in transshipment ports due to customs inspections of all goods dispatched to and from Russia and change of credit terms by financial institutions negatively impacting some customers' ability to fulfill their obligations," it said.

"Furthermore, the imbalance of goods, equipment and financial flows are significantly affecting our planning of a stable and sustainable operation of our network to and from Russia," it added.

Maersk operates shipping routes to Kaliningrad, St. Petersburg, Novorossiysk, Vladivostok and Vostochniy.

The shipper last week implemented a full stop to bookings destined to or originating from Ukraine amid the escalating security situation in the country, with cargo en route to Ukraine discharged in Port Said, Egypt, and Korfez, Turkey.