Fallout from Russia’s invasion of Ukraine is disrupting shipping operations around the world. Maersk Line and Mediterranean Shipping Co. joined a growing list of cargo carriers suspending shipments into Russia, the WSJ’s Costas Paris and Benoit Faucon report, while hundreds of tanker and bulk vessels remain trapped at ports and commodities-market freight rates surge. The impact is most severe in the Black Sea, where some commercial ships are being fired upon or detained and a backup at the Kerch Strait now exceeds 200 vessels. It is also reaching beyond the conflict zone, with the U.K. now barring Russian ships from its ports and customs authorities in some countries pulling
aside Russian cargoes. Although Western sanctions haven’t targeted Russian oil and gas exports, carriers aren’t taking loads for fear of getting caught up in new restrictions. That has driven tanker rates to their highest levels in nearly two years.
Here are other recent developments following Russia’s invasion of Ukraine:
Russian forces have shifted their strategy in Ukraine to one of pummeling civilian areas in an attempt to demoralize Ukrainian resistance and reignite its slowing military advance.
Benchmark global oil prices surged above $110 a barrel on growing concerns over global energy supplies.
The U.S. and other major oil-consuming nations agreed to release 60 million barrels of oil from their emergency crude stockpiles.
Wheat futures trading in Chicago reached their highest levels since 2008.
The U.S. is expected to ban Russian aircraft from American airspace.
Volkswagen will halt production at its main German plant and in other factories because of supply chain bottlenecks caused by Russia’s invasion of Ukraine.
DHL suspended transport of inbound shipments into Russia.
Apple halted sales of iPhones and other products in Russia.
Boeing suspended parts and maintenance support for Russian airlines as well as its operations in Moscow.
Exxon Mobil is halting operations at a multibillion-dollar oil and gas project in Russia and says it will make no further investments in the country.
Russia’s invasion of Ukraine could lead to a prolonged global supply crunch in agricultural fertilizers.
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