Export cargo shipping stopped to Russia and Ukraine

New Delhi, Feb 26 (KNN) Export cargo destined to Russia and Ukraine have been stopped by shipping liners, said West Bengal Custom House Agents Society president Sujit Chakraborty. 

“Many shipping liners stopped supplying containers and taking bookings for Russian ports due to geopolitical uncertainty. MSC which is a leader in global container shipping from eastern ports has also stopped booking," he said. 

Engineering products exporter have said consignment for Russia in liner HAPAG-Llyod has stopped container booking due to the situation.

This ongoing Russia-Ukraine conflict may act as the most prominent deterrent in fulfilling the engineering exports target as the last quarter, especially the month of March, usually sees a substantial jump in exports, said EEPC India chairman Mahesh Desai.

Engineering exports to India was recorded at USD 544.41 million in 2018-19 and then surged by 36 per cent to reach an all-time high at USD 740.89 million in 2019-20.

Bilateral trade between India and Russia stood at USD 11.9 billion in 2021.  (KNN Bureau)