One of the Russian Navy's most important warships is either floating abandoned or at the bottom of the Black Sea, a massive blow to a military struggling against Ukrainian resistance 50 days into Vladimir Putin's invasion of his neighbor.
The cost of insuring merchant ships sailing to ports in the Black Sea has spiraled out of control, becoming a huge potential impediment to the movement of Russian cargoes from the region.
Shell Plc decided to idle two liquefied natural gas vessels chartered from a Russian company, in the latest example of an energy giant seeking to avoid future sanctions or public condemnation tied to the war in Ukraine.
London’s marine insurance market has added all of Russia’s waters to its list of areas deemed high risk, an advisory showed, which is likely to raise the cost of shipping and adds to the logistical pressures on Moscow.
The EU is proposing further sanctions against the Kremlin after allegations of Russian war crimes in Ukraine, with EU ambassadors meeting on Wednesday to decide what steps to take.
