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GREEK NEWS

Ukraine War, Sanctions Already Impacting Global Trade

SanctionsShipping all around the world has already started feeling the effects of the Ukrainian war and sanctions, experts say. Credit: Wikimedia Commons/CC By-SA 3.0

The Ukrainian war and sanctions imposed on Russia by many nations around the world are already starting to cause havoc on global trade, with what could turn out to be devastating consequences for energy and grain importers.

There are also a great many ripple effects being caused in economies across a world while it still climbs its way back to normalcy after the two-year-long global pandemic, with its endemic supply chain disruptions.

Now that severe sanctions on Russia have been imposed after its invasion of Ukraine, hundreds of tankers and cargo carriers have had to turn away from Black Sea ports and dozens of additional ships are either stranded at ports or awaiting further orders while out at sea.

Ukraine War heavily affecting global trade as sanctions start to bite

Maersk, the shipping giant out of Denmark, is one of three major bulk cargo carriers that pledged to stop shipping to and from Russia, with its officers saying they would only deliver foodstuffs and medical and humanitarian aid for the forseeable future to Russia.

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