The economic pressure continues to increase on Russia as the West increases its punishment. Now many countries have closed their ports to Russian ships, and the U.S. appears poised to do the same. Paul Page reports for the Wall Street Journal:
The trade map for Russia’s shipping operations is shrinking.The Biden administration is expected to ban Russian-flagged ships from entering U.S. ports, the WSJ’s Nancy A. Youssef and Costas Paris report, in a move that follows a similar ban by the U.K. Russian commercial ships represent less than 1% of cargo volumes to the U.S., so the action would be largely symbolic. But it adds to the growing sanctions over Moscow’s invasion of Ukraine that are making commercial connections to Russia more complicated and pushing more Western companies to withdraw from dealings with the country. New restrictions on technology sales are contributing to the uncertain climate for businesses. The WSJ’s Kate O’Keeffe reports the export controls restrict shipment of semiconductors, lasers and other technology to Russia’s defense, aerospace and maritime industries. Experts say the controls are so broad and complex that some companies are simply suspending exports altogether.
Here are other recent developments following Russia’s invasion of Ukraine:
Russian forces pounded Ukraine’s second-largest city as the offensive toward Kyiv stalled amid fierce counterattacks and logistics mishaps.
Toyota stopped production in and exports to Russia because of difficulties in obtaining parts needed for manufacturing.
Banking sanctions from Seoul will leave Russian shipping companies struggling to pay for new vessels on order from South Korean shipbuilders.
Germany’s Siemenshalted all new business and international deliveries to Russia.
Airbusjoined Boeingin suspending support services to aerospace customers in Russia.
Nikestopped taking online orders on its Russian website because it can’t guarantee delivery.
Most-actively traded corn futures touched their highest levels since March 2013.
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