Sanctions against Russia affect operations of Europe's largest port
Sanctions against Russia are affecting the work of Europe's largest port of Rotterdam, which is expecting a bigger impact than expected by the end of the year, said Allard Castelein, director of the Port Authority.
According to him, the sanctions imposed against Russia affect the supply chain differently. That is, if the sanctions are tied to the value of the goods, then all of these goods and containers will have to be inspected, which risks creating bottlenecks in the supply chain.
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"We are now seeing an increasing impact (of the sanctions), but that started around the middle of the first quarter, and we are expecting a more significant impact over the rest of the year," Castelein told Bloomberg.
Asked about the impact of sanctions on energy supplies, he said that there had been a recent decline in supplies of Russian Urals-grade crude. However, Russian oil continued to flow into the port as global traders bought it, processed it, stored it at the port and shipped it to other countries.
Western countries have imposed a series of sanctions against the Russian Federation due to the situation in Ukraine. Russian President Vladimir Putin stated that the policy of containing and weakening Russia is a long-term strategy of the West, and the sanctions have dealt a heavy blow to the entire world economy. According to him, the fundamental goal of the West is to harm and worsen the lives of millions of people. Mr. Putin added that current events have drawn the boundaries of the Western sphere of influence both politically and economically. According to him, Russia will not isolate itself, and no force can firmly isolate Russia in the modern world./.
