Secondary effects of sanctions against Russian entities in the wake of Russia’s invasion of Ukraine are starting to bite the P&I market.

The Russian invasion of the Ukraine has put pressure on maritime and energy companies suspend business with Russia even if not required to under sanctions.

Tidewater is buying Swire Pacific Offshore (SPO) for $190m as Swire Pacific exits the marine business.

Russia’s invasion of Ukraine may not trigger war termination clauses in certain contracts in the maritime industry.

Container line ZIM has reported strong earnings and profit for 2021, with forecasts for similar performance in 2022.

The world’s largest ship manager V.Group says it is in compliance with all current sanctions as pressure mounts on businesses to cease operations in Russia over the conflict in Ukraine.

The sanctions regime targeting Russia contains varying levels of limitations, deadlines and targets, according to lawyers at Reed Smith.

Wallenius Wilhelmsen has suspended all operations in Russia and Belarus in response to the invasion of the Ukraine.

Netherlands-based shipbuilder Damen has announced it decided to stop deliveries of new vessels to clients in Russia due to the ongoing invasion of Ukraine.

Maritime and aviation investment management firm Transport Capital is targeting start-ups with TC Ventures.