Maritime trade with Russia has more than halved since the invasion of Ukraine began three weeks ago, new data reveals.
The dramatic fall in seaborne trade is three and half times greater than at the worst point during the COVID pandemic and follows a series of sanctions imposed on Moscow by Western countries.
It's not only sanctions, but physical harm to ships and their crew, that are having an impact, particularly in the Black Sea. Ports in the Baltic Sea, like St Petersburg, responsible for a third of Russia's nautical trade, now have 65% fewer ships making port calls, according to calculations by the investment bank UBS.
The number of container ships, oil tankers and dry bulkers, which account for three quarters of the Russia-bound fleet, has dropped between 40% and 60% since late February, according to UBS data.British supermarkets Sainsburys, Morrisons, Asda and Waitrose announced a ban on Russian-made vodka. Meanwhile, fast-fashion retailers ASOS and Boohoo suspended sales for Russian consumers.
Russia produces a quarter of global pipeline gas and a tenth of global oil. Share of the trade with the EU in those sectors is even larger.
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