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In Focus Commercial Credit
Ukraine war is already having signifi cant impact on trade
‘Putin’s War’ is already having an impact on costs, supply chains and international trade that goes far beyond the borders of Ukraine and Russia
David Jinks
Head of consumer research, ParcelHero
Freight transport services to Ukraine are at a virtual stop, and many services to Russia have been suspended. The costs of the confl ict will impact on UK companies, even if they have no business in Eastern Europe. ‘Putin’s War. as it is being called in Europe, will certainly harm both Russia and the
Ukraine economically, but its impact is also already being felt by UK businesses. The invasion has had an immediate
economic impact on Russia, which doubled its interest rate to 20% on Monday after the rouble sank by as much as 30%, before settling back down to 20%. However, UK
international businesses, both large and small, are also counting the cost. Most international parcel operators
suspended services to the Ukraine from 24 February and major couriers such as UPS, FedEx and TNT have also suspended international services to Russia. Most couriers
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www.CCRMagazine.com
March 2022
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