AP Moller-Maersk’s decision to completely withdraw from the Russian market is proving costly.

The Danish shipping giant revealed that its disengagement from Russia has meant writing down all of its terminal, shipping and logistics assets in the country.

That amounts to a $718m hit on its Ebit in its first-quarter result after value adjustments and provisions.

The biggest chunk of the write-downs relates to divesting a minority stake in Global Port Investment (GPI), a London-listed company that operates six terminals in Russia and two in Finland.