Three months ago, Russia invaded Ukraine, expecting a quick, decisive victory; it would be over before enough countries opposing the aggression had time to mount effective sanctions.

That Russian President Vladimir Putin got that calculation badly wrong is evident. Slowly but surely, the West has unfurled increasingly punitive sanctions against Russia, its banks and companies, including shipping fleets.

Many Western organisations and companies have curtailed business with anything Russian as a form of self-sanctioning on top of the official measures.