Russia has suspended shipping in the Sea of Azov until further notice, following Russia's move to launch military operations in the Donbas region of Ukraine.
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Register NowThe suspension covers the whole of the Sea of Azov, a spokesperson for the country's Agency for Maritime and River Transport (Rosmorrechflot) told S&P Global Platts Feb. 24.
It follows the Joint War Committee of the Lloyds Market Association placing Ukrainian and Russian waters in the Black Sea and the Sea of Azov under a high-risk category on Feb. 15 due to tensions in the region.
This pushed up insurance premiums for ships transiting through these areas, adding to the cost of transporting commodities.
Ports on the sea of Azov, include Taganrog, Mariupol, Yeysk and Berdyansk.
Separately, the Federal Agency for Air Transport (Rosaviatsiya) said Feb. 24 that it has closed some airports in the South of Russia due to the situation in Ukraine. These closures are currently in force until March 2. The closures include airports in Rostov, Krasnodar, Anapa, Gelendzhik, Elista, Stavropol, Belgorod, Bryansk, Kursk, Voronezh, and Simferopol.