The Lloyd’s List Podcast: The implications of unplugging Russia from the global economy

Amid the chaos, sanctions and global trade disruption, the long term implications of Russia’s invasion of Ukraine are starting to become clearer and the implications for seaborne trade are inevitably complex. To help unravel the uncertainties and offer an independent expert eye on what this all means for the global shipping industry, Lloyd’s List has once again gathered it’s leading analysts to offer expert insights on the forces shaping shipping. Listen to the latest edition of the Lloyd’s List’s weekly podcast — your free weekly briefing on the stories shaping shipping Four weeks in to Russia’s invasion of Ukraine we are starting to see what the long term implications of this war looks like for trade. Sanctions by the US and allies on Russia's financial system have been tightening daily and while there is still a lot not covered by the restrictions, they have already set in motion a backlash against Russian crude from banks, buyers and shippers. So while we can look at the numbers, we also have to be aware that a new factor is now shaping shipping markets: the force of public opinion is directly determining what is and isn’t tradable. It is now abundantly clear to everyone - Unplugging Russia from the world economy is going to result in lasting disruption across all sectors, so for this week’s edition of the podcast I am once again pulling in the collective expertise of Lloyd’s List’s leading analysts to offer their insight into how the markets are holding up in the face of war. The key areas of concern are of course the two fundamental “Fs” of commodity markets: food and fuels. It’s not just the headline concerns about oil and gas we should be worried about, the Russian Federation and Ukraine are global players in agrifood markets. Together, the countries represent 53 per cent of the share of global trade in sunflower oil and seeds, and 27 per cent of the share of global trade in wheat. Russia is also a major global supplier of chemical products – including fertilizers, as well as metals and wood products. And on Lloyd’s List Intelligence we have been verifying all maritime links to Russian affiliated entities to ensure that subscribers are able to screen counterparties and verify compliance. You can find out more by following the links at the top of Lloydslist.com Speaking on the podcast this week: • Michele Wiese Bockmann, Lloyd’s List Markets editor • James Baker, Lloyd’s List Containers Editor • David Osler, Lloyd’s List Law and Insurance Editor, • Nidaa Bakhsh, Lloyd’s List Senior Reporter • Bridget Diakun, Lloyd’s List Data Reporter