The European Commission (EC) has implemented its fifth round of sanctions against Russia following the country’s military action in Ukraine.
One of the six pillars of the latest round of sanctions sees all Russian vessels banned from accessing EU ports. Certain exemptions will cover essentials, such as agricultural and food products, humanitarian aid as well as energy.
Additionally, the EC has also implemented a ban on Russian and Belarusian transport operators. This aims to drastically limit the options for Russian industry to obtain key goods.
“Russia is waging a cruel and ruthless war, not only against Ukraine’s brave troops, but also against its civilian population. It is important to sustain utmost pressure on Putin and the Russian government at this critical point,” said EU President von der Leyen in a statement.
“The four packages of sanctions have hit hard and limited the Kremlin’s political and economic options. We are seeing tangible results. But clearly, in view of events, we need to increase our pressure further.
“Today, we are proposing to take our sanctions a step further. We will make them broader and sharper, so that they cut even deeper in the Russian economy.”
The EC sanctions also include an import ban on coal from Russia worth €4 billion ($4.3 billion) per year, a full transaction ban on four key Russian banks, further targeted export bans in areas the country is most vulnerable, and specific new import bans worth €5.5 billion ($5.9 billion).
Almost all of the world’s largest shipping lines have also suspended bookings to and from Russia and Ukraine following the invasion.
A.P. Moller – Maersk (Maersk) has recently taken this one step further, by selling its stake in Russian terminal operator Global Ports Group.
Confirmed by Global Ports on 10 March, the Board of Directors was notified of APM Terminals B.V., Maersk’s terminal arm, of its intention to divest its 30.75 per cent stake in the operator due to the invasion.
