Now months into Russia’s invasion of Ukraine and some of the wider impacts of the conflict are starting to make themselves known, as evidenced by Maersk’s huge write-down. Sovcomflot, meanwhile, faces losing its existing P&I cover as it takes the toll of being a sanctioned entity.

The cost of not doing business with Russia was brought into focus this week amid the release of AP Moller-Maersk’s first-quarter update. Write-downs on a terminal, shipping and logistics assets in Russia amounted to over $700m, the Danish shipping giant said.