The stranglehold on Russia’s trade with the global economy is tightening, with almost half the world’s container shipping capacity halting service to the country.
In the U.K., Transport Secretary Grant Shapps told domestic ports not to provide access to Russian ships, as Britain moved to further expand its sanctions against Vladimir Putin’s regime in the wake of his invasion of Ukraine. (Almost 200,000 Russians work on the world’s merchant ships, accounting for about 11% of all seafarers, according to data cited by the International Chamber of Shipping.)
The List of Foreign Companies Pulling Out of Russia Keeps Growing
Ocean Network Express of Singapore, Asia’s second-biggest container carrier known as ONE, became the latest liner to suspend bookings of cargo to and from ports in Russia and Ukraine, joining a growing list of logistics firms halting operations in the region.
Copenhagen-based Maersk and MS
American Companies
Two prominent American manufacturers — General Motors and Harley-Davidson — said they’re halting shipments to Russia:
- GM exports about 3,000 vehicles a year to Russia from the U.S., including the Cadillac XT4, XT5, XT6 and Escalade; the Chevrolet Traverse and Tahoe SUVs; and a Chevy Trailblazer made in South Korea.
- Harley relied on Europe and the Mideast for 31% of motorcycle sales last year; it doesn’t break out sales to Russia.
In Washington, the U.S. is expected to lean on major Chinese companies from Semiconductor Manufacturing International to Lenovo to
Meanwhile, an international boycott of Russian vodka is building from the U.S. to Australia as politicians and corporations signal their opposition to Putin’s invasion by targeting one of his country’s most iconic products. (Click here for that story.)
—Brendan Murray in London
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